Company: MTB-PJ
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000036270-25-000011
Chunk: 54

Company: M&T BANK CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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164 130 11 Other expense1,336 1,415 (79)-6 2,751 2,693 58 2 Net income716 584 132 23 1,300 1,186 114 10 Per common share data:Basic earnings4.26 3.33 .93 28 7.58 6.79 .79 12 Diluted earnings4.24 3.32 .92 28 7.55 6.76 .79 12 Performance ratios, annualizedReturn on:Average assets1.37 %1.14 %1.25 %1.13 %Average common shareholders’ equity10.39 8.36 9.37 9.05 Net interest margin3.62 3.66 3.64 3.56 __________________________________________________________________________________

(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 increase in net income in the recent quarter as compared with the first quarter of 2025 resulted from the following:

•Net interest income on a taxable-equivalent basis increased $15 million in the recent quarter reflecting one more calendar day of earnings and a comparatively favorable impact from interest rate swap agreements used for hedging purposes, partially offset by $20 million 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 in 2022. Reflecting those factors the net interest margin narrowed 4 basis points.

•Noninterest income increased $72 million reflecting higher residential mortgage banking revenues and an increase in other revenues from operations, including gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million.

•Noninterest expense decreased $79 million reflecting seasonal salaries and employee benefits expense in the first quarter of 2025.

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The increase in net income in the six months ended June 30, 2025 as compared with the same 2024 period reflected the following:

•Net interest income on a taxable-equivalent basis increased $