Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 57

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 financial results for the Company is provided below:

SUMMARY OF FINANCIAL RESULTS

Three Months EndedChangeThree Months EndedChange(Dollars in millions, except per share)March 31,2025December 31,2024Amount%March 31,2025March 31,2024Amount%Net interest income$1,695 $1,728 $(33)-2 %$1,695 $1,680 $15 1 %Taxable-equivalent adjustment (a)12 12 — 3 12 12 — -5 Net interest income (taxable-equivalent basis) (a)1,707 1,740 (33)-2 1,707 1,692 15 1 Provision for credit losses130 140 (10)-7 130 200 (70)-35 Other income611 657 (46)-7 611 580 31 5 Other expense1,415 1,363 52 4 1,415 1,396 19 1 Net income584 681 (97)-14 584 531 53 10 Per common share data:Basic earnings3.33 3.88 (0.55)-14 3.33 3.04 0.29 10 Diluted earnings3.32 3.86 (0.54)-14 3.32 3.02 0.30 10 Performance ratios, annualizedReturn on:Average assets1.14 %1.28 %1.14 %1.01 %Average common shareholders’ equity8.36 9.75 8.36 8.14 Net interest margin3.66 3.58 3.66 3.52 __________________________________________________________________________________

(a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on a composite income tax rate of approximately 25%.

The decrease in net income in the recent quarter as compared with the fourth quarter of 2024 resulted from the following:

•Net interest income on a taxable-equivalent basis declined $33 million, largely reflective