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    Home Online Features M&T Bank Corporation (NYSE:MTB) announces fourth quarter 2024 results
    M&T Bank Corporation (NYSE:MTB) announces fourth quarter 2024 results
    Press Releases
    January 16, 2025

    M&T Bank Corporation (NYSE:MTB) announces fourth quarter 2024 results

    By M&T Bank Corporation

    BUFFALO, N.Y., Jan. 16, 2024 /PRNewswire/ — M&T Bank Corporation (“M&T” or “the Company”) reports quarterly net income of $681 million or $3.86 of diluted earnings per common share and full-year net income of $2.59 billion or $14.64 of diluted earnings per common share.

    (Dollars in millions, except per share data)

    4Q24

    3Q24

    4Q23

    2024

    2023

    Earnings Highlights

    Net interest income

    $        1,728

    $        1,726

    $        1,722

    $        6,852

    $        7,115

    Taxable-equivalent adjustment

    12

    13

    13

    50

    54

    Net interest income – taxable-equivalent

    1,740

    1,739

    1,735

    6,902

    7,169

    Provision for credit losses

    140

    120

    225

    610

    645

    Noninterest income

    657

    606

    578

    2,427

    2,528

    Noninterest expense

    1,363

    1,303

    1,450

    5,359

    5,379

    Net income

    681

    721

    482

    2,588

    2,741

    Net income available to common shareholders – diluted

    644

    674

    457

    2,449

    2,636

    Diluted earnings per common share

    3.86

    4.02

    2.74

    14.64

    15.79

    Return on average assets – annualized

    1.28 %

    1.37 %

    .92 %

    1.23 %

    1.33 %

    Return on average common shareholders’ equity – annualized

    9.75

    10.26

    7.41

    9.54

    11.06

    Average Balance Sheet

    Total assets

    $     211,853

    $     209,581

    $     208,752

    $     211,220

    $     205,397

    Interest-bearing deposits at banks

    23,602

    25,491

    30,153

    27,244

    26,202

    Investment securities

    33,679

    31,023

    27,490

    30,755

    27,932

    Loans and leases

    135,723

    134,751

    132,770

    134,717

    132,738

    Deposits

    164,639

    161,505

    164,713

    163,423

    162,094

    Borrowings

    14,228

    15,428

    13,057

    15,523

    13,054

    Selected Ratios

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

    Net interest margin

    3.58 %

    3.62 %

    3.61 %

    3.58 %

    3.83 %

    Efficiency ratio (1)

    56.8

    55.0

    62.1

    56.9

    54.9

    Net charge-offs to average total loans – annualized

    .47

    .35

    .44

    .41

    .33

    Allowance for credit losses to total loans

    1.61

    1.62

    1.59

    1.61

    1.59

    Nonaccrual loans to total loans

    1.25

    1.42

    1.62

    1.25

    1.62

    Common equity Tier 1 (“CET1”) capital ratio (2)

    11.67

    11.54

    10.98

    11.67

    10.98

    Common shareholders’ equity per share

    $      160.90

    $      159.38

    $      150.15

    $      160.90

    $      150.15

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

    (2) December 31, 2024 CET1 capital ratio is estimated.

    Financial Highlights

    Chief Financial Officer Commentary

    “I would like to close out 2024 by thanking our customers for their business and our fellow colleagues at M&T for making a difference in people’s lives and the communities we serve. M&T enters 2025 with resolute focus on enhancing capabilities to better serve our customers by optimizing our business processes and building more scale and resiliency for continued growth.”

    – Daryl N. Bible, M&T’s Chief Financial Officer

    Contact:

    Investor Relations:

    Brian Klock

    716.842.5138

    Media Relations:

    Frank Lentini

    929.651.0447

     

     Non-GAAP Measures (1)

    Change

    4Q24 vs.

    Change

    4Q24 vs.

    (Dollars in millions, except per share data)

    4Q24

    3Q24

    3Q24

    4Q23

    4Q23

    Net operating income

    $            691

    $            731

    -6 %

    $            494

    40 %

    Diluted net operating earnings per common share

    3.92

    4.08

    -4

    2.81

    40

    Annualized return on average tangible assets

    1.35 %

    1.45 %

    .98 %

    Annualized return on average tangible common equity

    14.66

    15.47

    11.70

    Efficiency ratio

    56.8

    55.0

    62.1

    Tangible equity per common share

    $       109.36

    $       107.97

    1

    $         98.54

    11

    ____________________

    (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.

    For the year ended December 31, 2024, diluted net operating earnings per common share were $14.88, compared with $16.08 in 2023. Net operating income was $2.63 billion and $2.79 billion in 2024 and 2023, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income in 2024 was 1.30% and 14.54%, respectively, compared with 1.42% and 17.60%, respectively, in 2023.

     Taxable-equivalent Net Interest Income

    Change

    4Q24 vs.

    Change

    4Q24 vs.

    (Dollars in millions)

    4Q24

    3Q24

    3Q24

    4Q23

    4Q23

    Average earning assets

    $     193,106

    $     191,366

    1 %

    $     190,536

    1 %

    Average interest-bearing liabilities

    132,313

    130,775

    1

    127,646

    4

    Net interest income – taxable-equivalent

    1,740

    1,739

    —

    1,735

    —

    Yield on average earning assets

    5.60 %

    5.82 %

    5.73 %

    Cost of interest-bearing liabilities

    2.94

    3.22

    3.17

    Net interest spread

    2.66

    2.60

    2.56

    Net interest margin

    3.58

    3.62

    3.61

    Taxable-equivalent net interest income increased $1 million from the third quarter of 2024.

    Taxable-equivalent net interest income increased $5 million compared with the year-earlier fourth quarter.

    Taxable-equivalent net interest income was $6.90 billion in 2024, a decrease of $267 million, or 4%, from $7.17 billion in 2023.

     Average Earning Assets

    Change

    4Q24 vs.

    Change

    4Q24 vs.

    (Dollars in millions)

    4Q24

    3Q24

    3Q24

    4Q23

    4Q23

    Interest-bearing deposits at banks

    $      23,602

    $      25,491

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