M&T Bank : Earnings Release

Published: 2025-07-16 05:54:04 ET MTB

Published on 07/16/2025 at 05:54

July 16, 2025

BUFFALO, N.Y., July 16, 2025 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of

$716 million or $4.24 of diluted earnings per common share.

(Dollars in millions, except per share data)

2Q25

1Q25

2Q24

Earnings Highlights

Net interest income

$ 1,713

$ 1,695 $

1,718

Taxable-equivalent adjustment

Net interest income - taxable-equivalent

1,722

1,707

1,731

Provision for credit losses

125

130

150

Noninterest income

683

611

584

Noninterest expense

1,336

1,415

1,297

Net income

716

584

655

Net income available to common shareholders - diluted

679

547

626

Diluted earnings per common share

4.24

3.32

3.73

Return on average assets - annualized

1.37 %

1.14 %

1.24 %

Return on average common shareholders' equity - annualized

10.39

8.36

9.95

Average Balance Sheet

Total assets

$ 210,261 $

208,321 $

211,981

Interest-bearing deposits at banks

19,698

19,695

29,294

Investment securities

35,335

34,480

29,695

Loans

135,407

134,844

134,588

Deposits

163,406

161,220

163,491

Borrowings

14,263

14,154

16,452

Selected Ratios

(Amounts expressed as a percent, except per share data)

Net interest margin

3.62 %

3.66 %

3.59 %

Efficiency ratio (1)

55.2

60.5

55.3

Net charge-offs to average total loans - annualized

.32

.34

.41

Allowance for loan losses to total loans

1.61

1.63

Nonaccrual loans to total loans

1.16

1.14

1.50

Common equity Tier 1 ("CET1") capital ratio (2)

10.98

11.50

11.45

Common shareholders' equity per share

$ 166.94

$ 163.62 $

153.57

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

CET1 capital ratio at June 30, 2025 is estimated.

1.61% at June 30, 2025.

"M&T's consistent profitability has supported a significant return of capital to shareholders while maintaining resiliency entering the second half of the year. We are thrilled with a reduction of M&T's stress capital buffer and we remain committed to prudent risk management for the benefit of all of our stakeholders. Our teams continue to work with customers each and every day to provide solutions for their financial success. This summer, expect to see M&T employees out in force assisting customers and volunteering in the communities we serve to make a difference in people's lives."

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

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

Non-GAAP Measures (1)

(Dollars in millions, except per share data)

2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

Net operating income

$ 724 $

594

22 % $

665

9 %

Diluted net operating earnings per common share

4.28

3.38

3.79

Annualized return on average tangible assets

1.44 %

1.21 %

1.31 %

Annualized return on average tangible common equity

15.54

12.53

15.27

Efficiency ratio

55.2

60.5

55.3

Tangible equity per common share

$ 112.48 $

111.13

1 $

102.42

(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.

(Dollars in millions)

2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

Average earning assets

$ 190,535 $

189,116

1 % $

193,676

-2 %

Average interest-bearing liabilities

132,516

129,938

132,209

Net interest income - taxable-equivalent

1,722

1,707

1,731

-1

Yield on average earning assets

5.51 %

5.52 %

5.82 %

Cost of interest-bearing liabilities

2.71

2.70

3.26

Net interest spread

2.80

2.82

2.56

Net interest margin

3.62

3.66

3.59

Taxable-equivalent net interest income increased $15 million, or 1%, in the recent quarter as compared with the first quarter of 2025.

Taxable-equivalent net interest income decreased $9 million as compared with the year-earlier second quarter.

Average Earning Assets

(Dollars in millions) 2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

Interest-bearing deposits at banks $ 19,698 $

19,695

- %$

29,294

-33 %

Trading account 95

-3

-4

Investment securities 35,335

34,480

29,695

Loans

Commercial and industrial 61,036

61,056

58,152

Real estate - commercial 25,333

26,259

-4

31,458

-19

Real estate - consumer 23,684

23,176

23,006

Consumer 25,354

24,353

21,972

Total loans 135,407

134,844

134,588

Total earning assets $ 190,535 $

189,116

1 $

193,676

-2

Average earning assets increased $1.4 billion, or 1%, from the first quarter of 2025.

Average earning assets decreased $3.1 billion, or 2%, from the second quarter of 2024.

Average Interest-bearing Liabilities

(Dollars in millions) 2Q25

1Q25

Change 2Q25 vs.

1Q25 2Q24

Change 2Q25 vs.

2Q24

Interest-bearing deposits

Savings and interest-checking deposits $ 103,963 $

101,564

2 % $ 95,955

8 %

Time deposits 14,290

14,220

- 19,802

-28

Total interest-bearing deposits 118,253

115,784

2 115,757

Short-term borrowings 3,327

2,869

16 4,962

-33

Long-term borrowings 10,936

11,285

-3 11,490

-5

Total interest-bearing liabilities $ 132,516 $

129,938

2 $ 132,209

Brokered savings and interest-checking

deposits $ 9,921 $

9,991

-1 % $ 8,193

21 %

Brokered time deposits 568

777

-27 3,826

-85

Total brokered deposits $ 10,489 $

10,768

-3 $ 12,019

-13

Average interest-bearing liabilities rose $2.6 billion, or 2%, in the recent quarter as compared with the first quarter of 2025 reflecting an increase in average savings and interest-checking deposits.

Average interest-bearing liabilities increased $307 million from the second quarter of 2024.

Provision for Credit Losses/Asset Quality

(Dollars in millions)

2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

At end of quarter

Nonaccrual loans

$ 1,573 $

1,540

2 % $

2,024

-22 %

Real estate and other foreclosed assets

-11

-7

Total nonperforming assets

1,603

1,574

2,057

-22

Accruing loans past due 90 days or more (1)

496

384

233

113

Nonaccrual loans as % of loans outstanding

1.16 %

1.14 %

1.50 %

Allowance for loan losses

$ 2,197 $

2,200

- $

2,204

Allowance for loan losses as % of loans outstanding

1.61 %

1.63 %

Reserve for unfunded credit commitments

$ 80 $

33 $

For the period

Provision for loan losses

$ 105 $

130

-19 $

150

-30

Provision for unfunded credit commitments

100

Total provision for credit losses

125

130

-4

150

-17

Net charge-offs

108

114

-5

137

-21

Net charge-offs as % of average loans (annualized)

.32 %

.34 %

.41 %

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

The provision for credit losses was $125 million in the second quarter of 2025 as compared with $130 million in the immediately preceding quarter and $150 million in the second quarter of 2024. The allowance for loan losses as a percentage of loans outstanding decreased from 1.63% at March 31, 2025 to 1.61% at June 30, 2025 reflecting lower levels of criticized commercial real estate loans. Net charge-offs totaled $108 million in 2025's second quarter as compared with $114 million in 2025's first quarter and $137 million in the year-earlier quarter, representing .32%, .34% and .41%, respectively, of average loans outstanding.

Nonaccrual loans were $1.6 billion at June 30, 2025, compared with $1.5 billion at March 31, 2025 and $2.0 billion at June 30, 2024. The lower level of nonaccrual loans at the two most recent quarter ends as compared with June 30, 2024 predominantly reflects decreases in commercial real estate nonaccrual loans.

Noninterest Income

(Dollars in millions)

2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

Mortgage banking revenues

$ 130 $

118

11 % $

106

23 %

Service charges on deposit accounts

137

133

127

Trust income

182

177

170

Brokerage services income

-1

Trading account and other non-hedging derivative gains

Gain (loss) on bank investment securities

(8)

Other revenues from operations

191

142

152

Total

$ 683 $

611

12 $

584

Noninterest income in the second quarter of 2025 increased $72 million, or 12%, from 2025's first quarter.

Noninterest income rose $99 million, or 17%, as compared with the second quarter of 2024.

Noninterest Expense

(Dollars in millions)

2Q25

1Q25

Change 2Q25 vs.

1Q25

2Q24

Change 2Q25 vs.

2Q24

Salaries and employee benefits

$ 813 $

887

-8 % $

764

6 %

Equipment and net occupancy

130

132

-2

125

Outside data processing and software

138

136

124

Professional and other services

-4

FDIC assessments

-7

-41

Advertising and marketing

-7

Amortization of core deposit and other intangible assets

-27

-24

Other costs of operations

113

118

-5

116

-3

Total

$ 1,336 $

1,415

-6 $

1,297

Noninterest expense declined $79 million, or 6%, from the first quarter of 2025. Salaries and employee benefits expense decreased $74 million, reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2025, partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2025 and an additional working day in the recent quarter.

Noninterest expense increased $39 million, or 3%, from the second quarter of 2024.

The Company's effective income tax rate was 23.4% in each of the second quarters of 2025 and 2024, compared with 23.2% in the first quarter of 2025.

2Q25

1Q25 2Q24

CET1

10.98 % (1) 11.50 % 11.45 %

Tier 1 capital

12.50 (1)

13.04

13.23

Total capital

13.96 (1)

14.50

14.88

Tangible capital - common

8.67

8.95

8.55

(1) Capital ratios at June 30, 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 $215 million and $35 million, respectively, for the quarter ended June 30, 2025. M&T's current stress capital buffer is 3.8%. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests, in which M&T elected to participate. Based on those results, M&T's stress capital buffer is estimated to be 2.7% effective

October 1, 2025.

The CET1 capital ratio for M&T was estimated at 10.98% as of June 30, 2025. M&T's total risk-weighted assets at June 30, 2025 are estimated to be $158.2 billion.

M&T repurchased 6,073,957 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $175.93 resulting in a total cost, including the share repurchase excise tax, of $1.1 billion, compared with 3,415,303 shares at an average cost per share of $192.06 and a total cost, including the share repurchase excise tax, of

$662 million in the first quarter of 2025. No share repurchases occurred in the second quarter of 2024.

Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ225. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 23, 2025 by calling (800) 688-9459 or (402) 220-1373 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/news-events/events-presentations.

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 https://www.mtb.com.

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 Six Months Ended June 30, June 30,

Performance

Net income

$ 716

$ 655

9 % $

1,300 $

1,186

10 %

Net income available to common shareholders

679

626

1,226

1,131

Per common share:

Basic earnings

4.26

3.75

7.58

6.79

Diluted earnings

4.24

3.73

7.55

6.76

Cash dividends

1.35

2.70

2.65

Common shares outstanding:

Average - diluted (1)

160,005

167,659

-5

162,511

167,372

-3

Period end (2)

156,532

167,225

-6

156,532

167,225

-6

Return on (annualized):

Average total assets

1.37 %

1.24 %

1.25 %

1.13 %

Average common shareholders' equity

10.39

9.95

9.37

9.05

Taxable-equivalent net interest income

$ 1,722 $

1,731

-1 $

3,429 $

3,423

Yield on average earning assets

5.51 %

5.82 %

5.51 %

5.78 %

Cost of interest-bearing liabilities

2.71

3.26

2.71

3.26

Net interest spread

2.80

2.56

2.80

2.52

Contribution of interest-free funds

.82

1.03

.84

1.04

Net interest margin

3.62

3.59

3.64

3.56

Net charge-offs to average total net loans (annualized)

.32

.41

.33

.41

Net operating results (3)

Net operating income

$ 724

$ 665

9 $

1,318 $

1,208

Diluted net operating earnings per common share

4.28

3.79

7.66

6.89

Return on (annualized):

Average tangible assets

1.44 %

1.31 %

1.32 %

1.20 %

Average tangible common equity

15.54

15.27

14.03

13.99

Efficiency ratio

55.2

55.3

57.8

58.0

At June 30,

Loan quality

2025

2024

Change

Nonaccrual loans

$ 1,573 $

2,024

-22 %

Real estate and other foreclosed assets

-7

Total nonperforming assets

$ 1,603 $

2,057

-22

Accruing loans past due 90 days or more (4)

$ 496

$ 233

113

Government guaranteed loans included in totals above:

Nonaccrual loans

$ 75

$ 64

Accruing loans past due 90 days or more

450

215

110

Nonaccrual loans to total loans

1.16 %

1.50 %

Allowance for loan losses to total loans

1.61

1.63

Additional information

Period end common stock price

$ 193.99 $

151.36

Domestic banking offices

941

957

-2

Full time equivalent employees

22,590

22,110

Includes common stock equivalents.

Includes common stock issuable under deferred compensation plans.

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.

Predominantly government-guaranteed residential real estate loans.

Financial Highlights, Five Quarter Trend

Three Months Ended

June 30, March 31, December 31, September 30, June 30,

(Dollars in millions, except per share, shares in thousands) 2025 2025

2024

Performance

Net income $ 716 $ 584

$ 681

721 $ 655

Net income available to common shareholders 679 547

644

674 626

Per common share:

Basic earnings

4.26 3.33

3.88

4.04 3.75

Diluted earnings

4.24 3.32

3.86

4.02 3.73

Cash dividends

1.35 1.35

1.35

1.35 1.35

Common shares outstanding:

Average - diluted (1)

160,005

165,047

166,969

167,567 167,659

Period end (2)

156,532

162,552

165,526

166,157 167,225

Return on (annualized):

Average total assets

1.37 %

1.14 %

1.28 %

1.37 % 1.24 %

Average common shareholders' equity

10.39

8.36

9.75

10.26 9.95

Taxable-equivalent net interest income

$ 1,722 $

1,707

$ 1,740

$ 1,739 $ 1,731

Yield on average earning assets

5.51 %

5.52 %

5.60 %

5.82 % 5.82 %

Cost of interest-bearing liabilities

2.71

2.70

2.94

3.22 3.26

Net interest spread

2.80

2.82

2.66

2.60 2.56

Contribution of interest-free funds

.82

.84

.92

1.02 1.03

Net interest margin

3.62

3.66

3.58

3.62 3.59

Net charge-offs to average total net loans (annualized)

.32

.34

.47

.35 .41

Net operating results (3)

Net operating income

$ 724

$ 594

$ 691

$ 731 $ 665

Diluted net operating earnings per common share

4.28

3.38

3.92

4.08 3.79

Return on (annualized):

Average tangible assets

1.44 %

1.21 %

1.35 %

1.45 % 1.31 %

Average tangible common equity

15.54

12.53

14.66

15.47 15.27

Efficiency ratio

55.2

60.5

56.8

55.0 55.3

June 30, March 31, December 31, September 30, June 30,

Loan quality

2025

2024

Nonaccrual loans

$ 1,573 $

1,540

$ 1,690

$ 1,926 $

2,024

Real estate and other foreclosed assets

Total nonperforming assets

$ 1,603 $

1,574

$ 1,725

$ 1,963 $

2,057

Accruing loans past due 90 days or more (4)

$ 496

$ 384

$ 338

$ 288

$ 233

Government guaranteed loans included in totals above:

Nonaccrual loans

Accruing loans past due 90 days or more

450

368

318

269

215

Nonaccrual loans to total loans

1.16 %

1.14 %

1.25 %

1.42 %

1.50 %

Allowance for loan losses to total loans

1.61

1.63

1.61

1.62

1.63

Additional information

Period end common stock price

$ 193.99 $

178.75

$ 188.01

$ 178.12 $

151.36

Domestic banking offices

941

955

957

Full time equivalent employees

22,590

22,291

22,101

21,986

22,110

Includes common stock equivalents.

Includes common stock issuable under deferred compensation plans.

Predominantly government-guaranteed residential real estate loans.

Condensed Consolidated Statement of Income

Three Months Ended Six Months Ended June 30, June 30,

Interest income

$ 2,609

$ 2,789

-6 % $

5,169 $

5,534

-7 %

Interest expense

896

1,071

-16

1,761

2,136

-18

Net interest income

1,713

1,718

3,408

3,398

Provision for credit losses

125

150

-17

255

350

-27

Net interest income after provision for credit losses

1,588

1,568

3,153

3,048

Other income

Mortgage banking revenues

130

106

248

210

Service charges on deposit accounts

137

127

270

251

Trust income

182

170

359

330

Brokerage services income

Trading account and other non-hedging derivative gains

Gain (loss) on bank investment securities

(8)

(6)

Other revenues from operations

191

152

333

304

Total other income

683

584

1,294

1,164

Other expense

Salaries and employee benefits

813

764

1,700

1,597

Equipment and net occupancy

130

125

262

254

Outside data processing and software

138

124

274

244

Professional and other services

-4

170

176

-3

FDIC assessments

-41

-53

Advertising and marketing

-7

-1

Amortization of core deposit and other intangible assets

-24

-18

Other costs of operations

113

116

-3

231

250

-8

Total other expense

1,336

1,297

2,751

2,693

Income before taxes

935

855

1,696

1,519

Income taxes

219

200

396

333

Net income

$ 716

$ 655

9 % $

1,300 $

1,186

10 %

Condensed Consolidated Statement of Income, Five Quarter Trend

Three Months Ended

June 30, March 31, December 31, September 30, June 30,

(Dollars in millions)

2025

2024

Interest income

$ 2,609 $

2,560

$ 2,707

$ 2,785 $

2,789

Interest expense

896

865

979

1,059

1,071

Net interest income

1,713

1,695

1,728

1,726

1,718

Provision for credit losses

125

130

140

120

150

Net interest income after provision for credit losses

1,588

1,565

1,588

1,606

1,568

Other income

Mortgage banking revenues

130

118

117

109

106

Service charges on deposit accounts

137

133

131

132

127

Trust income

182

177

175

170

Brokerage services income

Trading account and other non-hedging

derivative gains

Gain (loss) on bank investment securities

(2)

(8)

Other revenues from operations

191

142

176

152

Total other income

683

611

657

606

584

Other expense

Salaries and employee benefits

813

887

790

775

764

Equipment and net occupancy

130

132

133

125

Outside data processing and software

138

136

125

123

124

Professional and other services

FDIC assessments

Advertising and marketing

Amortization of core deposit and other intangible assets

Other costs of operations

113

118

168

128

116

Total other expense

1,336

1,415

1,363

1,303

1,297

Income before taxes

935

761

882

909

855

Income taxes

219

177

201

188

200

Net income

$ 716 $

584

$ 681

$ 721 $

655

Condensed Consolidated Balance Sheet

June 30

(Dollars in millions)

2025

2024

Change

ASSETS

Cash and due from banks

$ 2,128 $

1,778

20 %

Interest-bearing deposits at banks

19,297

24,792

-22

Trading account

-6

Investment securities

35,568

29,894

Loans:

Commercial and industrial

61,660

60,027

Real estate - commercial

24,567

29,532

-17

Real estate - consumer

24,117

23,003

Consumer

25,772

22,440

Total loans

136,116

135,002

Less: allowance for loan losses

2,197

2,204

Net loans

133,919

132,798

Goodwill

8,465

Core deposit and other intangible assets

119

-30

Other assets

12,030

10,910

Total assets

$ 211,584 $

208,855

1 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$ 47,485 $

47,729

-1 %

Interest-bearing deposits

116,968

112,181

Total deposits

164,453

159,910

Short-term borrowings

2,071

4,764

-57

Long-term borrowings

12,380

11,319

Accrued interest and other liabilities

4,155

4,438

-6

Total liabilities

183,059

180,431

Shareholders' equity:

Preferred

2,394

2,744

-13

Common

26,131

25,680

Total shareholders' equity

28,525

28,424

Total liabilities and shareholders' equity

$ 211,584 $

208,855

1 %

Condensed Consolidated Balance Sheet, Five Quarter Trend

June 30, March 31, December 31, September 30, June 30,

(Dollars in millions)

2025

2024

ASSETS

Cash and due from banks

$ 2,128 $

2,109

$ 1,909

$ 2,216 $

1,778

Interest-bearing deposits at banks

19,297

20,656

18,873

24,417

24,792

Trading account

101

102

Investment securities

35,568

35,137

34,051

32,327

29,894

Loans:

Commercial and industrial

61,660

60,596

61,481

61,012

60,027

Real estate - commercial

24,567

25,867

26,764

28,683

29,532

Real estate - consumer

24,117

23,284

23,166

23,019

23,003

Consumer

25,772

24,827

24,170

23,206

22,440

Total loans

136,116

134,574

135,581

135,920

135,002

Less: allowance for loan losses

2,197

2,200

2,184

2,204

Net loans

133,919

132,374

133,397

133,716

132,798

Goodwill

8,465

Core deposit and other intangible assets

107

119

Other assets

12,030

11,391

11,215

10,435

10,910

Total assets

$ 211,584 $

210,321

$ 208,105

$ 211,785 $

208,855

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$ 47,485 $

49,051

$ 46,020

$ 47,344 $

47,729

Interest-bearing deposits

116,968

116,358

115,075

117,210

112,181

Total deposits

164,453

165,409

161,095

164,554

159,910

Short-term borrowings

2,071

1,573

1,060

2,605

4,764

Long-term borrowings

12,380

10,496

12,605

11,583

11,319

Accrued interest and other liabilities

4,155

3,852

4,318

4,167

4,438

Total liabilities

183,059

181,330

179,078

182,909

180,431

Shareholders' equity:

Preferred

2,394

2,744

Common

26,131

26,597

26,633

26,482

25,680

Total shareholders' equity

28,525

28,991

29,027

28,876

28,424

Total liabilities and shareholders' equity

$ 211,584 $

210,321

$ 208,105

$ 211,785 $

208,855

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

Three Months Ended

Change in Balance

Six Months Ended

June 30, March 31, June 30,

June 30, 2025 from

June 30,

Change

2025 2025 2024

March 31, June 30,

2025 2024

(Dollars in millions)

Balance Rate Balance Rate Balance Rate

2025 2024

Balance Rate Balance Rate

Balance

ASSETS

Interest-bearing deposits at banks

$ $ $

19,698 4.47 % 19,695 4.48 % 29,294 5.50 %

- % -33 %

$ $

19,697 4.48 % 29,971 5.50 %

-34 %

Trading account

3.46

3.42

3.47

-3

-4

3.44

102

3.45

-6

Investment securities (1)

35,335

3.81

34,480

4.00

29,695

3.61

34,909

3.90

29,141

3.46

Loans:

Commercial and industrial

61,036

6.40

61,056

6.36

58,152

7.04

61,046

6.38

57,486

7.01

Real estate - commercial

25,333

6.31

26,259

6.16

31,458

6.38

-4

-19

25,794

6.24

32,077

6.37

-20

Real estate - consumer

23,684

4.52

23,176

4.44

23,006

4.32

23,431

4.48

23,071

4.30

Consumer

25,354

6.57

24,353

6.57

21,972

6.61

24,856

6.57

21,558

6.58

Total loans

135,407

6.11 134,844

6.06 134,588

6.38

1 135,127

6.08 134,192

6.35

Total earning assets

190,535

5.51 189,116

5.52 193,676

5.82

-2 189,829

5.51 193,406

5.78

-2

Goodwill

8,465

Core deposit and other intangible assets

126

-4

-30

133

-32

Other assets

11,172

10,648

9,714

10,912

9,725

Total assets

$ 210,261

$ 208,321

$ 211,981

1 %

-1 %

$ 209,296

$ 211,729

-1 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

Savings and interest-checking

$ $

deposits

103,963 2.24 % 101,564 2.20 %

95,955 2.59 %

2 %

8 % 102,770 2.22 %

95,411 2.60 %

8 %

Time deposits

14,290

3.45

14,220

3.54

19,802

4.41

-28

14,255

3.50

20,192

4.41

-29

Total interest-bearing deposits

118,253

2.38

115,784

2.37

115,757

2.90

117,025

2.38

115,603

2.91

Short-term borrowings

3,327

4.49 2,869

4.52 4,962

5.62

-33 3,100

4.51 5,595

5.51

-45

Long-term borrowings

10,936

5.72 11,285

5.65 11,490

5.83

-3

-5 11,109

5.69 10,631

5.82

Total interest-bearing liabilities

132,516

2.71 129,938

2.70 132,209

3.26

- 131,234

2.71 131,829

3.26

Noninterest-bearing deposits

45,153

45,436

47,734

-1

-5 45,294

48,175

-6

Other liabilities

3,926

3,949

4,293

-1

-9

3,937

4,343

-9

Total liabilities

181,595

179,323

184,236

-1

180,465

184,347

-2

Shareholders' equity

28,666

28,998

27,745

-1

28,831

27,382

Total liabilities and shareholders'

equity

210,261

208,321

211,981

1 %

-1 %

209,296

211,729

-1 %

Net interest spread

2.80

2.82

2.56

2.80

2.52

Contribution of interest-free funds

.82

.84

1.03

.84

1.04

Net interest margin

3.62 %

3.66 %

3.59 %

3.64 %

3.56 %

Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

Reconciliation of Quarterly GAAP to Non-GAAP Measures

2025

2024

2025

2024

(Dollars in millions, except per share) Income statement data

Net income

$ 716 $

655

$ 1,300 $

1,186

Amortization of core deposit and other intangible assets (1)

Net operating income

$ 724 $

665

$ 1,318 $

1,208

Earnings per common share

Diluted earnings per common share

$ 4.24 $

3.73

$ 7.55 $

6.76

Amortization of core deposit and other intangible assets (1)

.04

.06

.11

.13

Diluted net operating earnings per common share

$ 4.28 $

3.79

$ 7.66 $

6.89

Other expense

$ 1,336 $

1,297

$ 2,751 $

2,693

Amortization of core deposit and other intangible assets

(9)

(13)

(22)

(28)

Noninterest operating expense

$ 1,327 $

1,284

$ 2,729 $

2,665

Efficiency ratio

Noninterest operating expense (numerator)

$ 1,327 $

1,284

$ 2,729 $

2,665

Taxable-equivalent net interest income

$ 1,722 $

1,731

$ 3,429 $

3,423

Other income

683

584

1,294

1,164

Less: Gain (loss) on bank investment securities

(8)

(6)

Denominator

$ 2,405 $

2,323

$ 4,723 $

4,593

Three Months Ended Six Months Ended June 30, June 30,

Efficiency ratio 55.2 % 55.3 % 57.8 % 58.0 %

Average assets $ 210,261 $ 211,981 $ 209,296 $ 211,729

Goodwill

(8,465)

Core deposit and other intangible assets

(89)

(126)

(90)

(133)

Deferred taxes

Average tangible assets $ 201,733 $ 203,420 $ 200,767 $ 203,163

Average total equity

$ 28,666

$ 27,745

$ 28,831

$ 27,382

Preferred stock

(2,394)

(2,405)

(2,394)

(2,208)

Average common equity

26,272

25,340

26,437

25,174

Goodwill

(8,465)

Core deposit and other intangible assets

(89)

(126)

(90)

(133)

Deferred taxes

Average tangible common equity

$ 17,744

$ 16,779

$ 17,908

$ 16,608

At end of quarter

Total assets

$ 211,584

$ 208,855

Goodwill

(8,465)

Core deposit and other intangible assets

(84)

(119)

Deferred taxes

Total tangible assets

$ 203,060

$ 200,302

Total common equity

Total equity

$ 28,525

$ 28,424

Preferred stock

(2,394)

(2,744)

Common equity

26,131

25,680

Goodwill

(8,465)

Core deposit and other intangible assets

(84)

(119)

Deferred taxes

Total tangible common equity

$ 17,607

$ 17,127

(1) After any related tax effect.

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

Three Months Ended

June 30, March 31, December 31, September 30, June 30,

2025

2024

(Dollars in millions, except per share) Income statement data

Net income

$ 716

$ 584

$ 681

$ 721

$ 655

Amortization of core deposit and other intangible assets (1)

Net operating income

$ 724

$ 594

$ 691

$ 731

$ 665

Earnings per common share

Diluted earnings per common share

$ 4.24

$ 3.32

$ 3.86

$ 4.02

$ 3.73

Amortization of core deposit and other intangible assets (1)

.04

.06

Diluted net operating earnings per common share

$ 4.28

$ 3.38

$ 3.92

$ 4.08

$ 3.79

Other expense

$ 1,336

$ 1,415

$ 1,363

$ 1,303

$ 1,297

Amortization of core deposit and other intangible assets

(9)

(13)

(12)

(13)

Noninterest operating expense

$ 1,327

$ 1,402

$ 1,350

$ 1,291

$ 1,284

Efficiency ratio

Noninterest operating expense (numerator)

$ 1,327

$ 1,402

$ 1,350

$ 1,291

$ 1,284

Taxable-equivalent net interest income

$ 1,722

$ 1,707

$ 1,740

$ 1,739

$ 1,731

Other income

683

611

657

606

584

Less: Gain (loss) on bank investment securities

(2)

(8)

Denominator

$ 2,405

$ 2,318

$ 2,379

$ 2,347

$ 2,323

Efficiency ratio

55.2 %

60.5 %

56.8 %

55.0 %

55.3 %

Balance sheet data

Average assets

$ 210,261 $

208,321

$ 211,853

$ 209,581

$ 211,981

Goodwill

(8,465)

Core deposit and other intangible assets

(89)

(92)

(100)

(113)

(126)

Deferred taxes

Average tangible assets

$ 201,733 $

199,791

$ 203,317

$ 201,031

$ 203,420

Average common equity

Average total equity

$ 28,666

$ 28,998

$ 28,707

$ 28,725

$ 27,745

Preferred stock

(2,394)

(2,565)

(2,405)

Average common equity

26,272

26,604

26,313

26,160

25,340

Goodwill

(8,465)

Core deposit and other intangible assets

(89)

(92)

(100)

(113)

(126)

Deferred taxes

Average tangible common equity

$ 17,744

$ 18,074

$ 17,777

$ 17,610

$ 16,779

At end of quarter

Total assets

$ 211,584 $

210,321

$ 208,105

$ 211,785

$ 208,855

Goodwill

(8,465)

Core deposit and other intangible assets

(84)

(93)

(94)

(107)

(119)

Deferred taxes

Total tangible assets

$ 203,060 $

201,789

$ 199,574

$ 203,243

$ 200,302

Total common equity

Total equity

$ 28,525

$ 28,991

$ 29,027

$ 28,876

$ 28,424

Preferred stock

(2,394)

(2,744)

Common equity

26,131

26,597

26,633

26,482

25,680

Goodwill

(8,465)

Core deposit and other intangible assets

(84)

(93)

(94)

(107)

(119)

Deferred taxes

Total tangible common equity

$ 17,607

$ 18,065

$ 18,102

$ 17,940

$ 17,127

(1) After any related tax effect.

View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-nysemtb-announces-second-quarter-2025-results-302506076.html

SOURCE M&T Bank Corporation

Disclaimer

M&T Bank Corporation published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 09:53 UTC.