# M&T BANK CORP (MTB)

Informational only - not investment advice.

CIK: 0000036270
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=36270
Filing source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0000036270-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036270.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 10,486,000,000 USD | 2025 | verified |
| Net income | 2,851,000,000 USD | 2025 | verified |
| Assets | 213,510,000,000 USD | 2025 | verified |
| Net margin | 27.19% | 2025 | computed |
| Revenue YoY | -4.90% | 2025 | computed |
| ROE | 9.77% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Regional banks](/compare/regional-banks/) · SIC 6022 State Commercial Banks

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including MTB

- Regional banks: [peer review](/compare/regional-banks/) · [market-risk page](/compare/regional-banks/risk/)

### Peer percentile fingerprint

| Ratio | MTB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 27.2% | 21.9% | 75 | 149 |
| Revenue growth | -4.9% | 6.0% | 6 | 148 |
| ROE | 9.8% | 9.6% | 52 | 149 |
| ROA | 1.3% | 1.1% | 75 | 149 |
| Liabilities / equity | 6.32 | 8.04 | 12 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 10486000000 | USD | 2025 | 2026-02-18 |
| Net income | 2851000000 | USD | 2025 | 2026-02-18 |
| Assets | 213510000000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036270.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 3,895,871,000 | 4,167,795,000 | 4,598,711,000 | 4,879,593,000 | 4,192,712,000 | 3,939,000,000 | 6,247,000,000 | 10,224,000,000 | 11,026,000,000 | 10,486,000,000 |
| Net income |  | 1,315,114,000 | 1,408,306,000 | 1,918,080,000 | 1,929,149,000 | 1,353,152,000 | 1,859,000,000 | 1,992,000,000 | 2,741,000,000 | 2,588,000,000 | 2,851,000,000 |
| Diluted EPS |  | 7.78 | 8.70 | 12.74 | 13.75 | 9.94 | 13.80 | 11.53 | 15.79 | 14.64 | 17.00 |
| Operating cash flow |  | 1,183,411,000 | 2,781,935,000 | 2,089,852,000 | 2,357,555,000 | 789,187,000 | 2,715,000,000 | 4,574,000,000 | 3,905,000,000 | 3,610,000,000 | 3,003,000,000 |
| Dividends paid |  | 441,891,000 | 457,402,000 | 510,382,000 | 552,138,000 | 568,112,000 | 580,000,000 | 784,000,000 | 868,000,000 | 895,000,000 | 899,000,000 |
| Share buybacks | 0.00 | 641,334,000 | 1,205,905,000 | 2,194,396,000 | 1,349,785,000 | 373,750,000 |  | 1,800,000,000 | 594,000,000 | 396,000,000 | 2,631,000,000 |
| Assets |  | 123,449,206,000 | 118,593,487,000 | 120,097,403,000 | 119,872,757,000 | 142,601,105,000 | 155,107,160,000 | 200,730,000,000 | 208,264,000,000 | 208,105,000,000 | 213,510,000,000 |
| Liabilities |  | 106,962,584,000 | 102,342,668,000 | 104,637,212,000 | 104,156,108,000 | 126,413,822,000 | 137,203,755,000 | 175,412,000,000 | 181,307,000,000 | 179,078,000,000 | 184,333,000,000 |
| Stockholders' equity |  | 16,486,622,000 | 16,250,819,000 | 15,460,191,000 | 15,716,649,000 | 16,187,000,000 | 17,903,000,000 | 25,318,000,000 | 26,957,000,000 | 29,027,000,000 | 29,177,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 33.76% | 33.79% | 41.71% | 39.54% | 32.27% | 47.19% | 31.89% | 26.81% | 23.47% | 27.19% |
| Return on equity |  | 7.98% | 8.67% | 12.41% | 12.27% | 8.36% | 10.38% | 7.87% | 10.17% | 8.92% | 9.77% |
| Return on assets |  | 1.07% | 1.19% | 1.60% | 1.61% | 0.95% | 1.20% | 0.99% | 1.32% | 1.24% | 1.34% |
| Liabilities / equity |  | 6.49 | 6.30 | 6.77 | 6.63 | 7.81 | 7.66 | 6.93 | 6.73 | 6.17 | 6.32 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036270.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 3.53 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 4.01 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 5.05 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,641,399,000 | 689,941,000 | 3.98 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,739,991,000 | 482,401,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,745,000,000 | 531,000,000 | 3.02 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,789,000,000 | 655,000,000 | 3.73 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,785,000,000 | 721,000,000 | 4.02 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,707,000,000 | 681,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,560,000,000 | 584,000,000 | 3.32 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,609,000,000 | 716,000,000 | 4.24 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,680,000,000 | 792,000,000 | 4.82 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,637,000,000 | 759,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,536,000,000 | 664,000,000 | 4.13 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,620,000,000 | 818,000,000 | 5.32 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MTB's latest 10-K: [/company/MTB/business/](/company/MTB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MTB's latest 10-K: [/company/MTB/risk-factors/](/company/MTB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000050/mtb-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and other information included in this Quarterly Report on Form 10-Q as well as with M&T's 2025 Annual Report. Information regarding the Company's business, its supervision and regulation and potential risks and uncertainties that may affect the Company's business, financial condition, liquidity and results of operations are also included in the 2025 Annual Report.

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

Financial Overview

A summary of financial results for the Company is provided below.

SUMMARY OF FINANCIAL RESULTS

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Change","","Six Months Ended","","Change"],["(Dollars in millions, except per share)","June 30, 2026","","March 31, 2026","","Amount","","%","","June 30, 2026","","June 30, 2025","","Amount","","%"],["Net interest income","$","1,792","","","$","1,752","","","$","40","","","2","%","","$","3,544","","","$","3,408","","","$","136","","","4","%"],["Taxable-equivalent adjustment (a)","12","","","11","","","1","","","1","","","23","","","21","","","2","","","12"],["Net interest income (taxable-equivalent basis) (a)","1,804","","","1,763","","","41","","","2","","","3,567","","","3,429","","","138","","","4"],["Provision for credit losses","120","","","140","","","(20)","","","-14","","","260","","","255","","","5","","","2"],["Other income","740","","","689","","","51","","","8","","","1,429","","","1,294","","","135","","","10"],["Other expense","1,349","","","1,438","","","(89)","","","-6","","","2,787","","","2,751","","","36","","","1"],["Net income","818","","","664","","","154","","","23","","","1,482","","","1,300","","","182","","","14"],["Per common share data:"],["Basic earnings","5.35","","","4.16","","","1.19","","","29","","","9.49","","","7.58","","","1.91","","","25"],["Diluted earnings","5.32","","","4.13","","","1.19","","","29","","","9.44","","","7.55","","","1.89","","","25"],["Performance ratios, annualized"],["Return on:"],["Average assets","1.51","%","","1.26","%","","","","","","1.39","%","","1.25","%"],["Average common shareholders\u2019 equity","12.30","","","9.67","","","","","","","10.98","","","9.37"],["Net interest margin","3.70","","","3.70","","","","","","","3.70","","","3.64"]]
[[/GREPCENT_TABLE]]
__________________________________________________________________________________

(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 the statutory federal income tax rate.

Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations is no longer recorded. Instead, beginning in 2026, fair value changes in the mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate and other derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues. As a result of the Company's election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to the CET1 capital ratio on the election date.

- 46 -

The increase in net income in the recent quarter as compared with the first quarter of 2026 resulted from the following:

•Net interest income on a taxable-equivalent basis increased $41 million reflecting an additional calendar day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The Company's net interest margin was unchanged.

•The provision for credit losses decreased $20 million reflecting a decrease in the level of criticized loans in the recent quarter and a provision for unfunded credit commitments in the first quarter of 2026, partially offset by loan growth in the second quarter of 2026.

•Noninterest income increased $51 million resulting from a higher distribution from M&T's investment in BLG in the recent quarter and increases in trust income and revenues from interest rate swap agreements entered into for commercial customers.

•Noninterest expense declined $89 million reflecting seasonal salaries and employee benefits expense in the first quarter of 2026.

The increase in net income in the six months ended June 30, 2026 as compared with the same 2025 period reflected the following:

•Net interest income on a taxable-equivalent basis increased $138 million reflecting higher average earning assets and a 6 basis-point expansion of the net interest margin as reductions in deposit and borrowing costs outpaced a decline in yields received on earning assets.

•The provision for credit losses rose modestly as loan growth and the potential negative impact of global conflicts on economic forecasts was largely offset by a decline in the level of criticized loans.

•Noninterest income increased $135 million reflecting distributions of $80 million from M&T's investment in BLG in the first half of 2026, higher trust income and an increase in revenues from interest rate swap agreements entered into for commercial customers. Mortgage banking revenues in the first half of 2026 reflected the impact of the Company's accounting election described herein.

•Noninterest expense increased $36 million reflecting higher levels of salaries and employee benefits expense, outside data processing and software costs and professional and other services expense, partially offset by lower other costs of operations. Other costs of operations in the first half of 2025 included amortization of residential mortgage loan servicing right assets of $51 million.

The Company's effective income tax rate was 23.1% for each of the second quarter of 2026 and the six months ended June 30, 2026, compared with 23.0% and 23.3% for the first quarter of 2026 and the six months ended June 30, 2025, respectively.

Under programs authorized by the Board of Directors, M&T repurchased 2.1 million shares of its common stock during the recent quarter at a total cost of $465 million, compared with 5.5 million shares at a total cost of $1.25 billion in the first quarter of 2026. During the six months ended June 30, 2026, M&T repurchased 7.6 million shares of its common stock at a total cost of $1.71 billion, compared with 9.5 million shares at a total cost of $1.74 billion during the first six months of 2025.

- 47 -

Supplemental Reporting of Non-GAAP Results of Operations

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, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired or to be acquired operations into the Company, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results.

SUPPLEMENTAL REPORTING OF NON-GAAP RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","Change","","Six Months Ended","","Change"],["(Dollars in millions, except per share)","","June 30, 2026","","March 31, 2026","","Amount","","%","","June 30, 2026","","June 30, 2025","","Amount","","%"],["Net operating income","","$","823","","","$","671","","","$","152","","","23","%","","$","1,494","","","$","1,318","","","$","176","","","13","%"],["Diluted net operating earnings per share","","5.35","","","4.18","","","1.17","","","28","","","9.52","","","7.66","","","1.86","","","24"],["Annualized return on:"],["Average tangible assets","","1.59","%","","1.33","%","","","","","","1.46","%","","1.32","%"],["Average tangible common equity","","18.57","","","14.51","","","","","","","16.52","","","14.03"],["Efficiency ratio","","52.8","","","58.3","","","","","","","55.5","","","57.8"],["Tangible equity per common share (a)","","$","117.41","","","$","115.96","","","1.45","","","1","","","$","117.41","","","$","112.48","","","4.93","","","4"]]
[[/GREPCENT_TABLE]]
__________________________________________________________________________________

(a)At the period end.

The efficiency ratio measures the relationship of noninterest operating expenses, which exclude expenses M&T considers to be "nonoperating" in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses, to revenues. The calculations of the Company’s efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), and reconciliations of GAAP amounts with corresponding non-GAAP amounts are presented in Table 2.

- 48 -

Taxable-equivalent Net Interest Income

Interest income earned on certain of the Company's assets is exempt from federal income tax. Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. The Company's average balance sheets accompanied by the taxable-equivalent interest income and expense and the annualized average rate on the Company's earning assets and interest-bearing liabilities are presented as follows.

AVERAGE BALANCE SHEETS AND ANNUALIZED TAXABLE-EQUIVALENT RATES

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm
Complete FY 2025 MD&A: /company/MTB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

Item 7.         Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Corporate Profile

M&T is a BHC headquartered in Buffalo, New York with consolidated assets of $213.5 billion at December 31, 2025. M&T’s wholly-owned bank subsidiaries are M&T Bank and Wilmington Trust, N.A. Those bank subsidiaries offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers.

M&T Bank, with total consolidated assets of $212.9 billion at December 31, 2025, is a New York-chartered commercial bank with 942 domestic banking offices primarily located in the Northeastern and Mid-Atlantic regions of the U.S., including the District of Columbia, and a full-service commercial banking office in Ontario, Canada. M&T Bank and its subsidiaries offer a broad range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in their markets.

Wilmington Trust, N.A. is a national bank with total consolidated assets of $773 million at December 31, 2025. Wilmington Trust, N.A. and its subsidiaries offer various institutional client and wealth management services. Further information about the Company's business, its legal entity structure and its significant subsidiaries is included in Part I, Item 1, "Business" and Exhibit 21.1 of this Form 10-K.

Financial Overview

For a discussion of 2024 results as compared with 2023 results, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the M&T Annual Report on Form 10-K for the year ended December 31, 2024. A comparative summary of financial results for the Company is provided in Table 1 that follows.

Table 1

SUMMARY OF FINANCIAL RESULTS

[[GREPCENT_TABLE]]
[["","","","","","","","Change from"],["","","","","","","","2024 to 2025","","2023 to 2024"],["(Dollars in millions, except per share)","2025","","2024","","2023","","Amount","","%","","Amount","","%"],["Net interest income","$","6,948","","","$","6,852","","","$","7,115","","","$","96","","","1","%","","$","(263)","","","-4","%"],["Taxable-equivalent adjustment (a)","44","","","50","","","54","","","(6)","","","-11","","","(4)","","","-9"],["Net interest income (taxable-equivalent basis) (a)","6,992","","","6,902","","","7,169","","","90","","","1","","","(267)","","","-4"],["Provision for credit losses","505","","","610","","","645","","","(105)","","","-17","","","(35)","","","-5"],["Other income","2,742","","","2,427","","","2,528","","","315","","","13","","","(101)","","","-4"],["Other expense","5,493","","","5,359","","","5,379","","","134","","","2","","","(20)","","","\u2014"],["Net income","2,851","","","2,588","","","2,741","","","263","","","10","","","(153)","","","-6"],["Per common share data:"],["Basic earnings","17.10","","","14.71","","","15.85","","","2.39","","","16","","","(1.14)","","","-7"],["Diluted earnings","17.00","","","14.64","","","15.79","","","2.36","","","16","","","(1.15)","","","-7"],["Performance ratios"],["Return on:"],["Average assets","1.35","%","","1.23","%","","1.33","%"],["Average common shareholders' equity","10.27","","","9.54","","","11.06"],["Net interest margin","3.67","","","3.58","","","3.83"]]
[[/GREPCENT_TABLE]]

__________________________________________________________________________________

(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 each of 2025 and 2024 and 26% in 2023.

51

The increase in net income in 2025 as compared with 2024 reflects the following:

•Net interest income on a taxable-equivalent basis increased $90 million reflecting loan growth and favorable net repricing of earning assets and interest-bearing liabilities, including a reduction of the negative impact from interest rate swap agreements, as net interest margin widened by 9 basis points.

•The provision for credit losses declined $105 million mainly reflecting improved levels of criticized loans.

•Noninterest income increased $315 million reflecting higher mortgage banking revenues, service charges on deposit accounts, trust income and other revenues from operations.

•Noninterest expense rose $134 million reflecting higher salaries and employee benefits expense and outside data processing and software costs, partially offset by lower FDIC special assessments that included a $37 million reduction of expense in 2025 as compared with $34 million of expense in 2024.

•The Company’s effective tax rates were 22.8% in 2025 and 21.8% in 2024, reflective of $8 million and $31 million of discrete tax benefits in each of those respective years.

On October 31, 2025, M&T issued 45,000 shares of Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series K, with a liquidation preference of $10,000 per share. Additional information about the issued and outstanding preferred stock of M&T is included in note 9 of Notes to Financial Statements.

Under approved capital plans and programs authorized by the Board of Directors, M&T repurchased 14.3 million shares of its common stock in 2025 at a total cost of $2.66 billion. In 2024, M&T repurchased 2.1 million shares of its common stock at a total cost of $400 million.

52

Supplemental Reporting of Non-GAAP Results of Operations

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, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired or to be acquired operations into the Company, since such items are considered by management to be "nonoperating" in nature. Although "net operating income" as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. The following table represents a comparative summary of certain non-GAAP results of operations.

Table 2

SUPPLEMENTAL REPORTING OF NON-GAAP RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","Percentage Change From"],["(Dollars in millions, except per share)","2025","","2024","","2023","","2024 to 2025","","2023 to 2024"],["Net operating income","$","2,883","","","$","2,630","","","$","2,789","","","10","%","","-6","%"],["Diluted net operating earnings per share","17.20","","","14.88","","","16.08","","","16","","","-7"],["Return on:"],["Average tangible assets","1.43","%","","1.30","%","","1.42","%"],["Average tangible common equity","15.36","","","14.54","","","17.60"],["Efficiency ratio","56.0","","","56.9","","","54.9"],["Tangible equity per common share (a)","$","117.45","","","$","109.36","","","$","98.54","","","7","","","11"]]
[[/GREPCENT_TABLE]]

__________________________________________________________________________________

(a)At the period end.

The efficiency ratio measures the relationship of noninterest operating expenses, which exclude expenses M&T considers to be "nonoperating" in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses, to revenues. The calculations of the Company’s efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), and reconciliations of GAAP amounts with corresponding non-GAAP amounts are presented in Table 3.

53

Table 3

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

[[GREPCENT_TABLE]]
[["(Dollars in millions, except per share)","2025","","2024","","2023"],["Income statement data"],["Net income"],["Net income","$","2,851","","","$","2,588","","","$","2,741"],["Amortization of core deposit and other intangible assets (a)","32","","","42","","","48"],["Net operating income","$","2,883","","","$","2,630","","","$","2,789"],["Earnings per common share"],["Diluted earnings per common share","$","17.00","","","$","14.64","","","$","15.79"],["Amortization of core deposit and other intangible assets (a)",".20","","",".24","","",".29"],["Diluted net operating earnings per common share","$","17.20","","","$","14.88","","","$","16.08"],["Other expense"],["Other expense","$","5,493","","","$","5,359","","","$","5,379"],["Amortization of core deposit and other intangible assets","(42)","","","(53)","","","(62)"],["Noninterest operating expense","$","5,451","","","$","5,306","","","$","5,317"],["Efficiency ratio"],["Noninterest operating expense (numerator)","$","5,451","","","$","5,306","","","$","5,317"],["Taxable-equivalent net interest income","$","6,992","","","$","6,902","","","$","7,169"],["Other income","2,742","","","2,427","","","2,528"],["Less: Gain (loss) on bank investment securities","2","","","10","","","4"],["Denominator","$","9,732","","","$","9,319","","","$","9,693"],["Efficiency ratio","56.0","%","","56.9","%","","54.9","%"],["Balance sheet data"],["Average assets"],["Average assets","$","210,645","","","$","211,220","","","$","205,397"],["Goodwill","(8,465)","","","(8,465)","","","(8,473)"],["Core deposit and other intangible assets","(82)","","","(120)","","","(177)"],["Deferred taxes","24","","","33","","","44"],["Average tangible assets","$","202,122","","","$","202,668","","","$","196,791"],["Average common equity"],["Average total equity","$","28,804","","","$","28,052","","","$","25,899"],["Preferred stock","(2,468)","","","(2,344)","","","(2,011)"],["Average common equity","26,336","","","25,708","","","23,888"],["Goodwill","(8,465)","","","(8,465)","","","(8,473)"],["Core deposit and other intangible assets","(82)","","","(120)","","","(177)"],["Deferred taxes","24","","","33","","","44"],["Average tangible common equity","$","17,813","","","$","17,156","","","$","15,282"],["At end of year"],["Total assets"],["Total assets","$","213,510","","","$","208,105","","","$","208,264"],["Goodwill","(8,465)","","","(8,465)","","","(8,465)"],["Core deposit and other intangible assets","(64)","","","(94)","","","(147)"],["Deferred taxes","20","","","28","","","37"],["Total tangible assets","$","205,001","","","$","199,574","","","$","199,689"],["Total common equity"],["Total equity","$","29,177","","","$","29,027","","","$","26,957"],["Preferred stock","(2,834)","","","(2,394)","","","(2,011)"],["Common equity","26,343","","","26,633","","","24,946"],["Goodwill","(8,465)","","","(8,465)","","","(8,465)"],["Core deposit and other intangible assets","(64)","","","(94)","","","(147)"],["Deferred taxes","20","","","28","","","37"],["Total tangible common equity","$","17,834","","","$","18,102","","","$","16,371"]]
[[/GREPCENT_TABLE]]

__________________________________________________________________________________

(a)After any related tax effect.

54

Taxable-equivalent Net Interest Income

Interest income earned on certain of the Company's assets is exempt from federal income tax. Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset.

Taxable-equivalent net interest income can be impacted by changes in the composition of the Company's earning assets and interest-bearing liabilities, as discussed herein, as well as changes in interest rates and spreads. The FOMC lowered its federal funds target interest rate by a total of 100

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MTB/mda/fy2025/
All MD&A years: /company/MTB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MTB/mda/fy2024/): filed 2025-02-19; accession 0001628280-25-006267 (https://www.sec.gov/Archives/edgar/data/36270/000162828025006267/mtb-20241231.htm)
- [FY 2023 MD&A](/company/MTB/mda/fy2023/): filed 2024-02-21; accession 0000950170-24-017990 (https://www.sec.gov/Archives/edgar/data/36270/000095017024017990/mtb-20231231.htm)
- [FY 2022 MD&A](/company/MTB/mda/fy2022/): filed 2023-02-22; accession 0000950170-23-003804 (https://www.sec.gov/Archives/edgar/data/36270/000095017023003804/mtb-20221231.htm)
- [FY 2021 MD&A](/company/MTB/mda/fy2021/): filed 2022-02-16; accession 0001564590-22-005400 (https://www.sec.gov/Archives/edgar/data/36270/000156459022005400/mtb-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MTB.md · JSON record: /company/MTB.json · verified financials: /company/MTB/financials.json / /company/MTB/financials.csv · machine TOC for the whole site: /llms.txt