Company: MTB-PJ
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006267
Chunk: 173

Company: M&T BANK CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 173
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 $122 million as compared with 2023.

•Net interest income decreased $64 million, reflecting a narrowing of the net interest margin on deposits of 6 basis points, partially offset by higher average loan balances of $1.3 billion.

•The provision for credit losses increased $115 million reflecting higher net charge-offs of consumer and business banking loans and loan growth, including higher average balances of recreational vehicle and automobile loans. 

•Noninterest income increased $48 million including higher residential mortgage loan servicing fees, reflecting the bulk purchase of residential mortgage loan servicing rights at the end of the first quarter of 2023, and a rise in service charges on deposit accounts.

•Noninterest expense rose $42 million predominantly due to higher centrally-allocated costs associated with data processing, risk management, and other support services provided to the Retail Bank segment of $84 million, partially offset by lower other costs of operations of $31 million, reflecting lower losses on certain retail banking activities, and a decline in equipment and net occupancy costs.

•The increase in average loans in 2024 as compared with 2023 reflects an increase in average balances of recreational finance and automobile loans, partially offset by lower average balances of residential mortgage loans.

103

•Average deposits in 2024 as compared with 2023 reflect a shift from noninterest-bearing accounts to interest-bearing products, including time deposits, amidst an elevated interest rate environment.

Institutional Services and Wealth Management

Table 46

INSTITUTIONAL SERVICES AND WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY

Change from2023 to 20242022 to 2023(Dollars in millions)202420232022Amount%Amount%Income StatementNet interest income$748 $700 $403 $48 7 %$297 74 %Noninterest income809 1,005 1,007 (196)-19 (2)— Total revenue1,557 1,705 1,410 (148)-9 295 21 Provision for credit losses6 — (1)6 100 1 100 Noninterest expense831 867 867 (36)-4 — — Income before taxes720 838 544 (118)-14 294 54 Income taxes185 218 142 (33)-15 76 54 Net income$535 $620 $402 $(85)-14 %$218 54 %Average Balance SheetLoans and