M&T Bank Corporation (NYSE:MTB) announces first quarter 2025 results

BUFFALO, N.Y., April 14, 2025 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $584 million or $3.32 of diluted earnings per common share.

(Dollars in millions, except per share data)		1Q25		4Q24		1Q24
Earnings Highlights
Net interest income		$ 1,695		$ 1,728		$ 1,680
Taxable-equivalent adjustment		12		12		12
Net interest income - taxable-equivalent		1,707		1,740		1,692
Provision for credit losses		130		140		200
Noninterest income		611		657		580
Noninterest expense		1,415		1,363		1,396
Net income		584		681		531
Net income available to common shareholders - diluted		547		644		505
Diluted earnings per common share		3.32		3.86		3.02
Return on average assets - annualized		1.14 %		1.28 %		1.01 %
Return on average common shareholders' equity - annualized		8.36		9.75		8.14
Average Balance Sheet
Total assets		$ 208,321		$ 211,853		$ 211,478
Interest-bearing deposits at banks		19,695		23,602		30,647
Investment securities		34,480		33,679		28,587
Loans and leases		134,844		135,723		133,796
Deposits		161,220		164,639		164,065
Borrowings		14,154		14,228		16,001
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin		3.66 %		3.58 %		3.52 %
Efficiency ratio (1)		60.5		56.8		60.8
Net charge-offs to average total loans - annualized		.34		.47		.42
Allowance for credit losses to total loans		1.63		1.61		1.62
Nonaccrual loans to total loans		1.14		1.25		1.71
Common equity Tier 1 ("CET1") capital ratio (2)		11.50		11.68		11.08
Common shareholders' equity per share		$ 163.62		$ 160.90		$ 150.90

(1)	A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2)	CET1 capital ratio at March 31, 2025 is estimated.

Financial Highlights

• Net interest margin widened to 3.66% in the recent quarter as compared with 3.58% in the fourth quarter of 2024 reflecting lower levels of average earning assets. Lower funding costs associated with interest-bearing deposits and short-term borrowings were partially offset by a decline in the yields received on average interest-bearing deposits at banks and average loans and leases.
• Average loans and leases in the recent quarter reflect a lower average balance of commercial real estate loans, partially offset by modest increases in the average balances of commercial and industrial, residential real estate and consumer loans.
• First quarter average deposits reflect maturities of brokered time deposits and a seasonal decline in commercial customer deposits.
• The recent quarter decline in noninterest income reflects a distribution from M&T's investment in Bayview Lending Group, LLC ("BLG") and net gains on bank investment securities each in the final quarter of 2024.
• Noninterest expenses in the first quarter of 2025 reflect seasonal salaries and employee benefits expense of $110 million and higher outside data processing and software costs, partially offset by lower other costs of operations, which in the fourth quarter of 2024 included the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs, partially offset by a pension-related distribution benefit.
• The level of nonaccrual loans improved to 1.14% of loans outstanding at March 31, 2025 from 1.25% at December 31, 2024.
• M&T repurchased 3,415,303 shares of its common stock for a total cost of $662 million, including the share repurchase excise tax, in the first quarter of 2025. Reflecting repurchases, M&T's CET1 capital ratio declined to an estimated 11.50% at March 31, 2025, representing an 18 basis-point decrease from 11.68% at December 31, 2024.

Chief Financial Officer Commentary

"I am pleased with the solid financial results we obtained in the first quarter. M&T's start to the year reflects the consistency and strength of our diversified banking model, healthy levels of capital and liquidity as well as improved credit results. We continue to invest in our people, technology and processes to better serve our customers. We remain steadfast in our goal to make a difference in the communities where we work and live."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:
Investor Relations:	Steve Wendelboe	716.842.5138
Media Relations:	Frank Lentini	929.651.0447

Non-GAAP Measures (1)

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions, except per share data)		1Q25		4Q24		4Q24		1Q24		1Q24
Net operating income		$ 594		$ 691		-14 %		$ 543		9 %
Diluted net operating earnings per common share		3.38		3.92		-14		3.09		9
Annualized return on average tangible assets		1.21 %		1.35 %				1.08 %
Annualized return on average tangible common equity		12.53		14.66				12.67
Efficiency ratio		60.5		56.8				60.8
Tangible equity per common share		$ 111.13		$ 109.36		2		$ 99.54		12

______________
(1)	A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.

Taxable-equivalent Net Interest Income

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
Average earning assets		$ 189,116		$ 193,106		-2 %		$ 193,135		-2 %
Average interest-bearing liabilities		129,938		132,313		-2		131,451		-1
Net interest income - taxable-equivalent		1,707		1,740		-2		1,692		1
Yield on average earning assets		5.52 %		5.60 %				5.74 %
Cost of interest-bearing liabilities		2.70		2.94				3.26
Net interest spread		2.82		2.66				2.48
Net interest margin		3.66		3.58				3.52

Taxable-equivalent net interest income decreased $33 million in the recent quarter as compared with the fourth quarter of 2024 largely due to two less calendar days in the recent quarter.

• Average interest-bearing deposits at banks decreased $3.9 billion and the yield received on those deposits declined 32 basis points.
• Average investment securities increased $801 million and the rates earned on those securities increased 12 basis points.
• Average loans and leases decreased $879 million and the yield received on those loans and leases declined 11 basis points.
• Average interest-bearing deposits decreased $2.3 billion and the rates paid on such deposits declined 27 basis points.
• Average borrowings declined $74 million and the rates paid on such borrowings decreased 3 basis points.

Taxable-equivalent net interest income increased $15 million as compared with the year-earlier first quarter.

• Average interest-bearing deposits at banks decreased $11.0 billion and the yield received on those deposits declined 101 basis points.
• Average investment securities increased $5.9 billion and the yield earned those securities rose 70 basis points.
• Average loans and leases grew $1.0 billion while the yield received on those loans and leases decreased 26 basis points.
• Average interest-bearing deposits rose $334 million while the rates paid on those deposits declined 56 basis points.
• Average borrowings decreased $1.8 billion and the rates paid on such borrowings declined 24 basis points.

Average Earning Assets

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
Interest-bearing deposits at banks		$ 19,695		$ 23,602		-17 %		$ 30,647		-36 %
Trading account		97		102		-4		105		-8
Investment securities		34,480		33,679		2		28,587		21
Loans and leases
Commercial and industrial		61,056		60,704		1		56,821		7
Real estate - commercial		26,259		27,896		-6		32,696		-20
Real estate - consumer		23,176		23,088		-		23,136		-
Consumer		24,353		24,035		1		21,143		15
Total loans and leases		134,844		135,723		-1		133,796		1
Total earning assets		$ 189,116		$ 193,106		-2		$ 193,135		-2

Average earning assets decreased $4.0 billion, or 2%, from the fourth quarter of 2024.

• Average interest-bearing deposits at banks decreased $3.9 billion reflecting a decline in average deposits, purchases of investment securities and share repurchases.
• Average investment securities increased $801 million primarily due to purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities during the first quarter of 2025 and the fourth quarter of 2024.
• Average loans and leases decreased $879 million primarily reflective of lower average commercial real estate loans of $1.6 billion resulting from lower origination activity and higher payoffs, partially offset by higher average commercial and industrial loans and leases of $352 million, average consumer loans of $318 million and average residential real estate loans of $88 million.

Average earning assets decreased $4.0 billion, or 2%, from the first quarter of 2024.

• Average interest-bearing deposits at banks decreased $11.0 billion reflecting purchases of investment securities, loan growth, lower average balances of deposits and short-term borrowings and share repurchases.
• Average investment securities increased $5.9 billion primarily reflecting purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities since the beginning of 2024.
• Average loans and leases increased $1.0 billion predominantly due to higher average commercial and industrial loans and leases of $4.2 billion, reflecting growth spanning most industry types, and average consumer loans of $3.2 billion, reflecting recreational finance and automobile loan growth. Partially offsetting those increases was a $6.4 billion decline in average commercial real estate loans.

Average Interest-bearing Liabilities

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
Interest-bearing deposits
Savings and interest-checking deposits		$ 101,564		$ 102,127		-1 %		$ 94,867		7 %
Time deposits		14,220		15,958		-11		20,583		-31
Total interest-bearing deposits		115,784		118,085		-2		115,450		-
Short-term borrowings		2,869		2,563		12		6,228		-54
Long-term borrowings		11,285		11,665		-3		9,773		15
Total interest-bearing liabilities		$ 129,938		$ 132,313		-2		$ 131,451		-1
Brokered savings and interest-checking deposits		$ 9,991		$ 9,690		3 %		$ 8,030		24 %
Brokered time deposits		777		1,740		-55		5,193		-85
Total brokered deposits		$ 10,768		$ 11,430		-6		$ 13,223		-19

Average interest-bearing liabilities decreased $2.4 billion, or 2%, in the recent quarter as compared with the fourth quarter of 2024. Average interest-bearing deposits declined $2.3 billion reflecting maturities of customer and brokered time deposits.

Average interest-bearing liabilities declined $1.5 billion, or 1%, from the first quarter of 2024.

• Average interest-bearing deposits rose $334 million reflecting a $2.8 billion increase in average non-brokered deposits, partially offset by a $2.5 billion decrease in average brokered deposits. That decrease reflects maturities of brokered time deposits, partially offset by an increase in brokered savings and interest-checking deposits.
• Average borrowings decreased $1.8 billion reflecting lower average short-term borrowings from FHLB of New York, partially offset by issuances of senior notes and other long-term debt since the beginning of 2024.

Provision for Credit Losses/Asset Quality

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
At end of quarter
Nonaccrual loans		$ 1,540		$ 1,690		-9 %		$ 2,302		-33 %
Real estate and other foreclosed assets		34		35		-3		38		-12
Total nonperforming assets		1,574		1,725		-9		2,340		-33
Accruing loans past due 90 days or more (1)		384		338		13		297		29
Nonaccrual loans as % of loans outstanding		1.14 %		1.25 %				1.71 %
Allowance for credit losses		$ 2,200		$ 2,184		1		$ 2,191		-
Allowance for credit losses as % of loans outstanding		1.63 %		1.61 %				1.62 %
For the period
Provision for credit losses		$ 130		$ 140		-7		$ 200		-35
Net charge-offs		114		160		-29		138		-18
Net charge-offs as % of average loans (annualized)		.34 %		.47 %				.42 %

______________
(1)	Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $130 million in the first quarter of 2025 as compared with $140 million in the immediately preceding quarter and $200 million in the first quarter of 2024. The allowance for credit losses as a percentage of loans outstanding increased from 1.61% at December 31, 2024 to 1.63% at March 31, 2025 reflecting a modest deterioration in the macroeconomic forecasts. Net charge-offs totaled $114 million in 2025's first quarter as compared with $160 million in 2024's final quarter and $138 million in the year-earlier quarter, representing.34%,.47% and.42%, respectively, of average loans outstanding.

Nonaccrual loans were $1.5 billion at March 31, 2025, $150 million lower than at December 31, 2024 and $762 million lower than at March 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with December 31, 2024 and March 31, 2024 reflects decreases in commercial real estate and commercial and industrial nonaccrual loans.

Noninterest Income

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
Mortgage banking revenues		$ 118		$ 117		- %		$ 104		13 %
Service charges on deposit accounts		133		131		1		124		7
Trust income		177		175		1		160		11
Brokerage services income		32		30		3		29		10
Trading account and other non-hedging derivative gains		9		10		4		9		3
Gain (loss) on bank investment securities		-		18		-100		2		-97
Other revenues from operations		142		176		-19		152		-6
Total		$ 611		$ 657		-7		$ 580		5

Noninterest income in the first quarter of 2025 decreased $46 million, or 7%, from 2024's fourth quarter.

• The net gain on bank investment securities in the fourth quarter of 2024 reflected realized gains on the sales of Fannie Mae and Freddie Mac preferred securities, partially offset by losses on non-agency investment securities.
• Other revenues from operations decreased $34 million reflecting a $23 million distribution from M&T's investment in BLG in the fourth quarter of 2024 and lower loan syndication fees and merchant discount and credit card fees in the recent quarter.

Noninterest income rose $31 million, or 5%, as compared with the first quarter of 2024.

• Mortgage banking revenues rose $14 million due to higher gains on sales of commercial mortgage loans and increased residential mortgage loan sub-servicing fees.
• Service charges on deposit accounts increased $9 million reflecting a rise in commercial service charges.
• Trust income increased $17 million predominantly due to higher sales and fees from the Company's global capital markets business and improved market performance in the wealth management business.
• Other revenues from operations decreased $10 million reflecting a $25 million distribution from M&T's investment in BLG in the first quarter of 2024, partially offset by higher letter of credit and other credit-related fees.

Noninterest Expense

						Change 1Q25 vs.				Change 1Q25 vs.
(Dollars in millions)		1Q25		4Q24		4Q24		1Q24		1Q24
Salaries and employee benefits		$ 887		$ 790		12 %		$ 833		7 %
Equipment and net occupancy		132		133		-1		129		3
Outside data processing and software		136		125		10		120		14
Professional and other services		84		80		3		85		-3
FDIC assessments		23		24		-2		60		-61
Advertising and marketing		22		30		-27		20		9
Amortization of core deposit and other intangible assets		13		13		3		15		-12
Other costs of operations		118		168		-30		134		-12
Total		$ 1,415		$ 1,363		4		$ 1,396		1

Noninterest expense rose $52 million, or 4%, from the fourth quarter of 2024.

• Salaries and employee benefits expense increased $97 million, reflecting $110 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense, and the impact of annual merit increases, partially offset by two less working days in the first quarter of 2025.
• The increase in outside data processing and software costs largely reflects higher software licensing fees and maintenance expenses.
• Other costs of operations decreased $50 million reflecting a $20 million loss on the redemption of certain of M&T's trust preferred obligations and a $27 million write-down of two vacated office facilities each in the fourth quarter of 2024, and lower costs associated with the Company's supplemental executive retirement savings plan primarily related to market performance. Partially offsetting those favorable factors was a $12 million pension-related distribution benefit recognized in the fourth quarter of 2024.

Noninterest expense increased $19 million, or 1%, from the first quarter of 2024.

• Salaries and employee benefits expense increased $54 million reflecting higher salaries expense from annual merit and other increases, higher average employee staffing levels and a rise in incentive compensation, including stock-based compensation expense.
• Outside data processing and software costs rose $16 million reflecting higher software licensing fees and maintenance expenses.
• The decline in FDIC assessments reflects the estimated incremental special assessment expense of $29 million recorded in the first quarter of 2024.
• Other costs of operations decreased $16 million reflecting lower costs associated with the Company's supplemental executive retirement savings plan in the recent quarter and losses on lease terminations related to certain vacated properties in the first quarter of 2024.

Income Taxes

The Company's effective income tax rate was 23.2% in the first quarter of 2025 as compared with 22.8% in the fourth quarter of 2024 and 20.0% in the first quarter of 2024. The first quarter of 2024 income tax expense reflects a net discrete tax benefit related to the resolution of a tax matter inherited from the acquisition of People's United Financial, Inc.

Capital

		1Q25		4Q24		1Q24
CET1		11.50 %	(1)	11.68 %		11.08 %
Tier 1 capital		13.03	(1)	13.21		12.38
Total capital		14.50	(1)	14.73		14.04
Tangible capital - common		8.95		9.07		8.03

______________
(1)	Capital ratios at March 31, 2025 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $223 million and $36 million, respectively, for the quarter ended March 31, 2025.

The CET1 capital ratio for M&T was estimated at 11.50% as of March 31, 2025. M&T's total risk-weighted assets at March 31, 2025 are estimated to be $156.2 billion.

M&T repurchased 3,415,303 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $192.06 resulting in a total cost, including the share repurchase excise tax, of $662 million, compared with 957,988 shares at an average cost per share of $206.70 and a total cost, including the share repurchase excise tax, of $200 million in fourth quarter of 2024. No share repurchases occurred in the first quarter of 2024.

Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss first quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial [phone]. International participants, using any applicable international calling codes, may dial [phone]. Callers should reference M&T Bank Corporation or the conference ID MTBQ125. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Monday April 21, 2025 by calling [phone] or [phone] for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.

Financial Highlights
	Three months ended
	March 31,
(Dollars in millions, except per share, shares in thousands)	2025		2024		Change
Performance
Net income	$ 584		$ 531		10 %
Net income available to common shareholders	547		505		8
Per common share:
Basic earnings	3.33		3.04		10
Diluted earnings	3.32		3.02		10
Cash dividends	1.35		1.30		4
Common shares outstanding:
Average - diluted (1)	165,047		167,084		-1
Period end (2)	162,552		166,724		-3
Return on (annualized):
Average total assets	1.14 %		1.01 %
Average common shareholders' equity	8.36		8.14
Taxable-equivalent net interest income	$ 1,707		$ 1,692		1
Yield on average earning assets	5.52 %		5.74 %
Cost of interest-bearing liabilities	2.70		3.26
Net interest spread	2.82		2.48
Contribution of interest-free funds	.84		1.04
Net interest margin	3.66		3.52
Net charge-offs to average total net loans (annualized)	.34		.42
Net operating results (3)
Net operating income	$ 594		$ 543		9
Diluted net operating earnings per common share	3.38		3.09		9
Return on (annualized):
Average tangible assets	1.21 %		1.08 %
Average tangible common equity	12.53		12.67
Efficiency ratio	60.5		60.8
	At March 31,
Loan quality	2025		2024		Change
Nonaccrual loans	$ 1,540		$ 2,302		-33 %
Real estate and other foreclosed assets	34		38		-12
Total nonperforming assets	$ 1,574		$ 2,340		-33
Accruing loans past due 90 days or more (4)	$ 384		$ 297		29
Government guaranteed loans included in totals above:
Nonaccrual loans	$ 69		$ 62		12
Accruing loans past due 90 days or more	368		244		50
Nonaccrual loans to total loans	1.14 %		1.71 %
Allowance for credit losses to total loans	1.63		1.62
Additional information
Period end common stock price	$ 178.75		$ 145.44		23
Domestic banking offices	955		958		-
Full time equivalent employees	22,291		21,927		2

______________
(1)	Includes common stock equivalents.
(2)	Includes common stock issuable under deferred compensation plans.
(3)	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. Reconciliations of net income with net operating income appear herein.
(4)	Predominantly government-guaranteed residential real estate loans.

Financial Highlights, Five Quarter Trend
	Three months ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions, except per share, shares in thousands)	2025		2024		2024		2024		2024
Performance
Net income	$ 584		$ 681		$ 721		$ 655		$ 531
Net income available to common shareholders	547		644		674		626		505
Per common share:
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
Common shares outstanding:
Average - diluted (1)	165,047		166,969		167,567		167,659		167,084
Period end (2)	162,552		165,526		166,157		167,225		166,724
Return on (annualized):
Average total 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
Taxable-equivalent net interest income	$ 1,707		$ 1,740		$ 1,739		$ 1,731		$ 1,692
Yield on average earning assets	5.52 %		5.60 %		5.82 %		5.82 %		5.74 %
Cost of interest-bearing liabilities	2.70		2.94		3.22		3.26		3.26
Net interest spread	2.82		2.66		2.60		2.56		2.48
Contribution of interest-free funds	.84		.92		1.02		1.03		1.04
Net interest margin	3.66		3.58		3.62		3.59		3.52
Net charge-offs to average total net loans (annualized)	.34		.47		.35		.41		.42
Net operating results (3)
Net operating income	$ 594		$ 691		$ 731		$ 665		$ 543
Diluted net operating earnings per common share	3.38		3.92		4.08		3.79		3.09
Return on (annualized):
Average tangible assets	1.21 %		1.35 %		1.45 %		1.31 %		1.08 %
Average tangible common equity	12.53		14.66		15.47		15.27		12.67
Efficiency ratio	60.5		56.8		55.0		55.3		60.8
	March 31,		December 31,		September 30,		June 30,		March 31,
Loan quality	2025		2024		2024		2024		2024
Nonaccrual loans	$ 1,540		$ 1,690		$ 1,926		$ 2,024		$ 2,302
Real estate and other foreclosed assets	34		35		37		33		38
Total nonperforming assets	$ 1,574		$ 1,725		$ 1,963		$ 2,057		$ 2,340
Accruing loans past due 90 days or more (4)	$ 384		$ 338		$ 288		$ 233		$ 297
Government guaranteed loans included in totals above:
Nonaccrual loans	$ 69		$ 69		$ 69		$ 64		$ 62
Accruing loans past due 90 days or more	368		318		269		215		244
Nonaccrual loans to total loans	1.14 %		1.25 %		1.42 %		1.50 %		1.71 %
Allowance for credit losses to total loans	1.63		1.61		1.62		1.63		1.62
Additional information
Period end common stock price	$ 178.75		$ 188.01		$ 178.12		$ 151.36		$ 145.44
Domestic banking offices	955		955		957		957		958
Full time equivalent employees	22,291		22,101		21,986		22,110		21,927

______________
(1)	Includes common stock equivalents.
(2)	Includes common stock issuable under deferred compensation plans.
(3)	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. Reconciliations of net income with net operating income appear herein.
(4)	Predominantly government-guaranteed residential real estate loans.

Condensed Consolidated Statement of Income
	Three months ended
	March 31,
(Dollars in millions)	2025		2024		Change
Interest income	$ 2,560		$ 2,745		-7 %
Interest expense	865		1,065		-19
Net interest income	1,695		1,680		1
Provision for credit losses	130		200		-35
Net interest income after provision for credit losses	1,565		1,480		6
Other income
Mortgage banking revenues	118		104		13
Service charges on deposit accounts	133		124		7
Trust income	177		160		11
Brokerage services income	32		29		10
Trading account and other non-hedging derivative gains	9		9		3
Gain (loss) on bank investment securities	-		2		-97
Other revenues from operations	142		152		-6
Total other income	611		580		5
Other expense
Salaries and employee benefits	887		833		7
Equipment and net occupancy	132		129		3
Outside data processing and software	136		120		14
Professional and other services	84		85		-3
FDIC assessments	23		60		-61
Advertising and marketing	22		20		9
Amortization of core deposit and other intangible assets	13		15		-12
Other costs of operations	118		134		-12
Total other expense	1,415		1,396		1
Income before taxes	761		664		15
Income taxes	177		133		33
Net income	$ 584		$ 531		10 %

Condensed Consolidated Statement of Income, Five Quarter Trend
	Three months ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions)	2025		2024		2024		2024		2024
Interest income	$ 2,560		$ 2,707		$ 2,785		$ 2,789		$ 2,745
Interest expense	865		979		1,059		1,071		1,065
Net interest income	1,695		1,728		1,726		1,718		1,680
Provision for credit losses	130		140		120		150		200
Net interest income after provision for credit losses	1,565		1,588		1,606		1,568		1,480
Other income
Mortgage banking revenues	118		117		109		106		104
Service charges on deposit accounts	133		131		132		127		124
Trust income	177		175		170		170		160
Brokerage services income	32		30		32		30		29
Trading account and other non-hedging derivative gains	9		10		13		7		9
Gain (loss) on bank investment securities	-		18		(2)		(8)		2
Other revenues from operations	142		176		152		152		152
Total other income	611		657		606		584		580
Other expense
Salaries and employee benefits	887		790		775		764		833
Equipment and net occupancy	132		133		125		125		129
Outside data processing and software	136		125		123		124		120
Professional and other services	84		80		88		91		85
FDIC assessments	23		24		25		37		60
Advertising and marketing	22		30		27		27		20
Amortization of core deposit and other intangible assets	13		13		12		13		15
Other costs of operations	118		168		128		116		134
Total other expense	1,415		1,363		1,303		1,297		1,396
Income before taxes	761		882		909		855		664
Income taxes	177		201		188		200		133
Net income	$ 584		$ 681		$ 721		$ 655		$ 531

Condensed Consolidated Balance Sheet
	March 31,
(Dollars in millions)	2025		2024		Change
ASSETS
Cash and due from banks	$ 2,109		$ 1,695		24 %
Interest-bearing deposits at banks	20,656		32,144		-36
Trading account	96		99		-3
Investment securities	35,137		28,496		23
Loans and leases:
Commercial and industrial	60,596		57,897		5
Real estate - commercial	25,867		32,416		-20
Real estate - consumer	23,284		23,076		1
Consumer	24,827		21,584		15
Total loans and leases	134,574		134,973		-
Less: allowance for credit losses	2,200		2,191		-
Net loans and leases	132,374		132,782		-
Goodwill	8,465		8,465		-
Core deposit and other intangible assets	93		132		-30
Other assets	11,391		11,324		1
Total assets	$ 210,321		$ 215,137		-2 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$ 49,051		$ 50,578		-3 %
Interest-bearing deposits	116,358		116,618		-
Total deposits	165,409		167,196		-1
Short-term borrowings	1,573		4,795		-67
Long-term borrowings	10,496		11,450		-8
Accrued interest and other liabilities	3,852		4,527		-15
Total liabilities	181,330		187,968		-4
Shareholders' equity:
Preferred	2,394		2,011		19
Common	26,597		25,158		6
Total shareholders' equity	28,991		27,169		7
Total liabilities and shareholders' equity	$ 210,321		$ 215,137		-2 %

Condensed Consolidated Balance Sheet, Five Quarter Trend
	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions)	2025		2024		2024		2024		2024
ASSETS
Cash and due from banks	$ 2,109		$ 1,909		$ 2,216		$ 1,778		$ 1,695
Interest-bearing deposits at banks	20,656		18,873		24,417		24,792		32,144
Trading account	96		101		102		99		99
Investment securities	35,137		34,051		32,327		29,894		28,496
Loans and leases
Commercial and industrial	60,596		61,481		61,012		60,027		57,897
Real estate - commercial	25,867		26,764		28,683		29,532		32,416
Real estate - consumer	23,284		23,166		23,019		23,003		23,076
Consumer	24,827		24,170		23,206		22,440		21,584
Total loans and leases	134,574		135,581		135,920		135,002		134,973
Less: allowance for credit losses	2,200		2,184		2,204		2,204		2,191
Net loans and leases	132,374		133,397		133,716		132,798		132,782
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	93		94		107		119		132
Other assets	11,391		11,215		10,435		10,910		11,324
Total assets	$ 210,321		$ 208,105		$ 211,785		$ 208,855		$ 215,137
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$ 49,051		$ 46,020		$ 47,344		$ 47,729		$ 50,578
Interest-bearing deposits	116,358		115,075		117,210		112,181		116,618
Total deposits	165,409		161,095		164,554		159,910		167,196
Short-term borrowings	1,573		1,060		2,605		4,764		4,795
Long-term borrowings	10,496		12,605		11,583		11,319		11,450
Accrued interest and other liabilities	3,852		4,318		4,167		4,438		4,527
Total liabilities	181,330		179,078		182,909		180,431		187,968
Shareholders' equity:
Preferred	2,394		2,394		2,394		2,744		2,011
Common	26,597		26,633		26,482		25,680		25,158
Total shareholders' equity	28,991		29,027		28,876		28,424		27,169
Total liabilities and shareholders' equity	$ 210,321		$ 208,105		$ 211,785		$ 208,855		$ 215,137

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
	Three months ended												Change in balance
	March 31,				December 31,				March 31,				March 31, 2025 from
	2025				2024				2024				December 31,		March 31,
(Dollars in millions)	Balance		Rate		Balance		Rate		Balance		Rate		2024		2024
ASSETS
Interest-bearing deposits at banks	$ 19,695		4.48 %		$ 23,602		4.80 %		$ 30,647		5.49 %		-17 %		-36 %
Trading account	97		3.42		102		3.37		105		3.42		-4		-8
Investment securities	34,480		4.00		33,679		3.88		28,587		3.30		2		21
Loans and leases:
Commercial and industrial	61,056		6.36		60,704		6.56		56,821		6.99		1		7
Real estate - commercial	26,259		6.16		27,896		6.25		32,696		6.36		-6		-20
Real estate - consumer	23,176		4.44		23,088		4.45		23,136		4.28		-		-
Consumer	24,353		6.57		24,035		6.65		21,143		6.54		1		15
Total loans and leases	134,844		6.06		135,723		6.17		133,796		6.32		-1		1
Total earning assets	189,116		5.52		193,106		5.60		193,135		5.74		-2		-2
Goodwill	8,465				8,465				8,465				-		-
Core deposit and other intangible assets	92				100				140				-8		-34
Other assets	10,648				10,182				9,738				5		9
Total assets	$ 208,321				$ 211,853				$ 211,478				-2 %		-1 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$ 101,564		2.20 %		$ 102,127		2.44 %		$ 94,867		2.61 %		-1 %		7 %
Time deposits	14,220		3.54		15,958		3.95		20,583		4.41		-11		-31
Total interest-bearing deposits	115,784		2.37		118,085		2.64		115,450		2.93		-2		-
Short-term borrowings	2,869		4.52		2,563		4.93		6,228		5.42		12		-54
Long-term borrowings	11,285		5.65		11,665		5.57		9,773		5.81		-3		15
Total interest-bearing liabilities	129,938		2.70		132,313		2.94		131,451		3.26		-2		-1
Noninterest-bearing deposits	45,436				46,554				48,615				-2		-7
Other liabilities	3,949				4,279				4,393				-8		-10
Total liabilities	179,323				183,146				184,459				-2		-3
Shareholders' equity	28,998				28,707				27,019				1		7
Total liabilities and shareholders' equity	$ 208,321				$ 211,853				$ 211,478				-2 %		-1 %
Net interest spread			2.82				2.66				2.48
Contribution of interest-free funds			.84				.92				1.04
Net interest margin			3.66 %				3.58 %				3.52 %

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
	Three months ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$ 584		$ 681		$ 721		$ 655		$ 531
Amortization of core deposit and other intangible assets (1)	10		10		10		10		12
Net operating income	$ 594		$ 691		$ 731		$ 665		$ 543
Earnings per common share
Diluted earnings per common share	$ 3.32		$ 3.86		$ 4.02		$ 3.73		$ 3.02
Amortization of core deposit and other intangible assets (1)	.06		.06		.06		.06		.07
Diluted net operating earnings per common share	$ 3.38		$ 3.92		$ 4.08		$ 3.79		$ 3.09
Other expense
Other expense	$ 1,415		$ 1,363		$ 1,303		$ 1,297		$ 1,396
Amortization of core deposit and other intangible assets	(13)		(13)		(12)		(13)		(15)
Noninterest operating expense	$ 1,402		$ 1,350		$ 1,291		$ 1,284		$ 1,381
Efficiency ratio
Noninterest operating expense (numerator)	$ 1,402		$ 1,350		$ 1,291		$ 1,284		$ 1,381
Taxable-equivalent net interest income	$ 1,707		$ 1,740		$ 1,739		$ 1,731		$ 1,692
Other income	611		657		606		584		580
Less: Gain (loss) on bank investment securities	-		18		(2)		(8)		2
Denominator	$ 2,318		$ 2,379		$ 2,347		$ 2,323		$ 2,270
Efficiency ratio	60.5 %		56.8 %		55.0 %		55.3 %		60.8 %
Balance sheet data
Average assets
Average assets	$ 208,321		$ 211,853		$ 209,581		$ 211,981		$ 211,478
Goodwill	(8,465)		(8,465)		(8,465)		(8,465)		(8,465)
Core deposit and other intangible assets	(92)		(100)		(113)		(126)		(140)
Deferred taxes	27		29		28		30		33
Average tangible assets	$ 199,791		$ 203,317		$ 201,031		$ 203,420		$ 202,906
Average common equity
Average total equity	$ 28,998		$ 28,707		$ 28,725		$ 27,745		$ 27,019
Preferred stock	(2,394)		(2,394)		(2,565)		(2,405)		(2,011)
Average common equity	26,604		26,313		26,160		25,340		25,008
Goodwill	(8,465)		(8,465)		(8,465)		(8,465)		(8,465)
Core deposit and other intangible assets	(92)		(100)		(113)		(126)		(140)
Deferred taxes	27		29		28		30		33
Average tangible common equity	$ 18,074		$ 17,777		$ 17,610		$ 16,779		$ 16,436
At end of quarter
Total assets
Total assets	$ 210,321		$ 208,105		$ 211,785		$ 208,855		$ 215,137
Goodwill	(8,465)		(8,465)		(8,465)		(8,465)		(8,465)
Core deposit and other intangible assets	(93)		(94)		(107)		(119)		(132)
Deferred taxes	26		28		30		31		34
Total tangible assets	$ 201,789		$ 199,574		$ 203,243		$ 200,302		$ 206,574
Total common equity
Total equity	$ 28,991		$ 29,027		$ 28,876		$ 28,424		$ 27,169
Preferred stock	(2,394)		(2,394)		(2,394)		(2,744)		(2,011)
Common equity	26,597		26,633		26,482		25,680		25,158
Goodwill	(8,465)		(8,465)		(8,465)		(8,465)		(8,465)
Core deposit and other intangible assets	(93)		(94)		(107)		(119)		(132)
Deferred taxes	26		28		30		31		34
Total tangible common equity	$ 18,065		$ 18,102		$ 17,940		$ 17,127		$ 16,595

______________
(1)	After any related tax effect.

SOURCE M&T Bank Corporation