Company: MTB-PJ
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006267
Chunk: 109

Company: M&T BANK CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 109
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 $5,822 $(263)-4 %$1,293 22 %Taxable-equivalent adjustment (a)50 54 39 (4)-9 15 40 Net interest income (taxable-equivalent basis) (a)6,902 7,169 5,861 (267)-4 1,308 22 Provision for credit losses610 645 517 (35)-5 128 25 Other income2,427 2,528 2,357 (101)-4 171 7 Other expense5,359 5,379 5,050 (20)— 329 7 Net income2,588 2,741 1,992 (153)-6 749 38 Per common share data:Basic earnings14.71 15.85 11.59 (1.14)-7 4.26 37 Diluted earnings14.64 15.79 11.53 (1.15)-7 4.26 37 Performance ratiosReturn on:Average assets1.23 %1.33 %1.05 %Average common shareholders' equity9.54 11.06 8.67 Net interest margin3.58 3.83 3.39 

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(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% in 2024 and 26% in each of 2023 and 2022.

The decrease in net income in 2024 as compared with 2023 reflects the following:

•Taxable-equivalent net interest income was $6.90 billion in 2024, a decline of $267 million, or 4% from $7.17 billion in 2023. That decrease reflects a 25 basis-point (hundredth of one percent) narrowing of the net interest margin to 3.58% in 2024 from 3.83% in 2023 as increases in the cost of interest-bearing liabilities outpaced a rise in the yield received on earning assets.

•The provision