BUFFALO, N.Y., Jan. 16, 2026 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $759 million or $4.67 of diluted earnings per common share and full-year net income of $2.85 billion or $17.00 of diluted earnings per common share.
(Dollars in millions, except per share data) 4Q25 3Q25 4Q24 2025 2024
Earnings Highlights
Net interest income $1,779 $1,761 $1,728 $6,948 $6,852
Taxable-equivalent adjustment 11 12 12 44 50
Net interest income - taxable-equivalent 1,790 1,773 1,740 6,992 6,902
Provision for credit losses 125 125 140 505 610
Noninterest income 696 752 657 2,742 2,427
Noninterest expense 1,379 1,363 1,363 5,493 5,359
Net income 759 792 681 2,851 2,588
Net income available to common shareholders - diluted 718 754 644 2,699 2,449
Diluted earnings per common share 4.67 4.82 3.86 17.00 14.64
Return on average assets - annualized 1.41 % 1.49 % 1.28 % 1.35 % 1.23 %
Return on average common shareholders' equity - annualized 10.87 11.45 9.75 10.27 9.54
Average Balance Sheet
Total assets $212,891 $211,053 $211,853 $210,645 $211,220
Interest-bearing deposits at banks 17,964 17,739 23,602 18,767 27,244
Investment securities 36,705 36,559 33,679 35,778 30,755
Loans 137,600 136,527 135,723 136,103 134,717
Deposits 165,057 162,706 164,639 163,107 163,423
Borrowings 14,619 15,633 14,228 14,671 15,523
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin 3.69 % 3.68 % 3.58 % 3.67 % 3.58 %
Efficiency ratio (1) 55.1 53.6 56.8 56.0 56.9
Net charge-offs to average total loans - annualized .54 .42 .47 .41 .41
Allowance for loan losses to total loans 1.53 1.58 1.61 1.53 1.61
Nonaccrual loans to total loans .90 1.10 1.25 .90 1.25
Common equity Tier 1 ("CET1") capital ratio (2) 10.84 10.99 11.68 10.84 11.68
Common shareholders' equity per share $173.49 $170.43 $160.90 $173.49 $160.90
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at December 31, 2025 is estimated.
Financial Highlights
- Taxable-equivalent net interest income increased $17 million in the recent quarter as compared with the third quarter of 2025 reflecting loan and deposit growth.
- Average loans in the recent quarter reflect commercial and industrial, residential real estate and consumer loan growth, partially offset by a nominal reduction in the average balance of commercial real estate loans.
- Noninterest income reflects higher mortgage banking revenues and trust income in the recent quarter, more than offset by a $28 million distribution of an earnout payment related to the Company's 2023 sale of its Collective Investment Trust ("CIT") business, a $20 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") and a $12 million gain on the sale of equipment leases each in the third quarter of 2025.
- The increase in noninterest expense reflects higher professional and other services expense, partially offset by lower salaries and employee benefits expense. A decline in FDIC assessments resulting from a decrease in the FDIC's loss estimate associated with certain failed banks was offset by a $30 million contribution to The M&T Charitable Foundation.
- Reflecting better asset quality metrics and modestly improved macroeconomic forecasts, the allowance for loan losses as a percent of total loans declined 5 basis points to 1.53% at December 31, 2025.
- In 2025 M&T increased its quarterly dividend by 11%, repurchased 9% of its outstanding shares and grew tangible equity per common share by 7%. M&T's CET1 capital ratio is estimated to be 10.84% at December 31, 2025.
Chief Financial Officer Commentary
"M&T finished 2025 with another quarter of strong financial performance. For the full-year 2025, M&T achieved a 16% increase in diluted earnings per common share, meaningfully reduced its level of criticized loans and improved its efficiency ratio while continuing to expand and improve our capabilities. M&T's fundamentals remain strong, positioning the Company for growth as we enter the new year. As we close out 2025, I'd like to thank my colleagues for their unwavering commitment to our customers and the communities we serve."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations: Rajiv Ranjan 716.842.5138
Steve Wendelboe 716.842.5138
Media Relations: Frank Lentini 929.651.0447
Non-GAAP Measures (1)
(Dollars in millions, except per share data) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Net operating income $767 $798 -4 % $691 11 %
Diluted net operating earnings per common share 4.72 4.87 -3 3.92 20
Annualized return on average tangible assets 1.49 % 1.56 % 1.35 %
Annualized return on average tangible common 16.24 17.13 14.66
equity
Efficiency ratio 55.1 53.6 56.8
Tangible equity per common share $117.45 $115.31 2 $109.36 7
______________
(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, 2025, diluted net operating earnings per common share were $17.20, compared with $14.88 in 2024. Net operating income was $2.88 billion and $2.63 billion in 2025 and 2024, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in 2025 was 1.43% and 15.36%, respectively, compared with 1.30% and 14.54%, respectively, in 2024.
Taxable-equivalent Net Interest Income
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Average earning assets $192,366 $190,920 1 % $193,106 - %
Average interest-bearing liabilities 135,492 134,283 1 132,313 2
Net interest income - taxable-equivalent 1,790 1,773 1 1,740 3
Yield on average earning assets 5.46 % 5.59 % 5.60 %
Cost of interest-bearing liabilities 2.51 2.71 2.94
Net interest spread 2.95 2.88 2.66
Net interest margin 3.69 3.68 3.58
Taxable-equivalent net interest income increased $17 million, or 1%, in the recent quarter as compared with the third quarter of 2025 and $50 million, or 3%, as compared with the year-earlier fourth quarter reflecting loan and deposit growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements.
Taxable-equivalent net interest income increased $90 million, or 1%, for the full-year 2025 as compared with 2024 reflecting loan growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements, as the net interest margin widened 9 basis points.
Average Earning Assets
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Interest-bearing deposits at banks $17,964 $17,739 1 % $23,602 -24 %
Trading account 97 95 2 102 -5
Investment securities 36,705 36,559 33,679 9
Loans
Commercial and industrial 62,257 61,716 1 60,704 3
Real estate - commercial 24,101 24,353 -1 27,896 -14
Real estate - residential 24,765 24,359 2 23,088 7
Consumer 26,477 26,099 1 24,035 10
Total loans 137,600 136,527 1 135,723 1
Total earning assets $192,366 $190,920 1 $193,106
Average earning assets increased $1.4 billion from the third quarter of 2025 reflecting loan growth and an increase in average interest-bearing deposits at banks. Contributing to the increase in average loans in the recent quarter were higher average commercial and industrial loans, including loans to motor vehicle and recreational finance dealers, residential real estate loans and consumer loans, predominantly recreational finance loans and home equity loans and lines of credit. Partially offsetting that loan growth was a decline in average commercial real estate loans of $252 million.
Average earning assets decreased $740 million from the fourth quarter of 2024. Average interest-bearing deposits at banks decreased $5.6 billion as liquidity was deployed into investment securities purchases and loan growth. The growth in average loans reflected higher average balances of commercial and industrial loans of $1.6 billion, including a rise in loans in the financial and insurance industry, an increase in average residential real estate loans of $1.7 billion and higher average consumer loans of $2.4 billion, reflecting a rise in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Partially offsetting those increases in average loans was a $3.8 billion decline in average commercial real estate loans, reflecting payoffs.
Average Interest-bearing Liabilities
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Interest-bearing deposits
Savings and interest-checking deposits $107,287 $104,660 3 % $102,127 5 %
Time deposits 13,586 13,990 -3 15,958 -15
Total interest-bearing deposits 120,873 118,650 2 118,085 2
Short-term borrowings 2,064 2,844 -27 2,563 -19
Long-term borrowings 12,555 12,789 -2 11,665 8
Total interest-bearing liabilities $135,492 $134,283 1 $132,313 2
Average interest-bearing liabilities in the recent quarter rose $1.2 billion from the third quarter of 2025 reflecting growth in average savings and interest-checking deposits that reduced the use of higher cost funding from short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $3.2 billion from the fourth quarter of 2024, reflecting higher average interest-bearing deposits that included a $5.2 billion increase in average savings and interest-checking deposits, partially offset by lower average time deposits of $2.4 billion reflecting maturities. Average borrowings increased modestly.
Provision for Credit Losses/Asset Quality
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
At end of quarter
---
Nonaccrual loans $1,252 $1,512 -17 % $1,690 -26 %
Real estate and other foreclosed assets 35 37 -7 35 -1
Total nonperforming assets 1,287 1,549 -17 1,725 -25
Accruing loans past due 90 days or more (1) 561 432 30 338 66
Nonaccrual loans as % of loans outstanding .90 % 1.10 % 1.25 %
Allowance for loan losses $2,116 $2,161 -2 $2,184 -3
Allowance for loan losses as % of loans outstanding 1.53 % 1.58 % 1.61 %
Reserve for unfunded credit commitments $80 $95 -16 $60 33
For the period
---
Provision for loan losses $140 $110 27 $140
Provision for unfunded credit commitments (15) 15
Total provision for credit losses 125 125 140 -11
Net charge-offs 185 146 28 160 16
Net charge-offs as % of average loans (annualized) .54 % .42 % .47 %
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(1) Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $125 million in each of the fourth and third quarters of 2025 as compared with $140 million in 2024's final quarter. The provision for credit losses was $505 million in 2025 as compared with $610 million in 2024. The allowance for loan losses as a percent of loans outstanding decreased from 1.61% at December 31, 2024 to 1.58% at September 30, 2025 and 1.53% at December 31, 2025 reflecting lower levels of criticized loans, predominantly commercial real estate loans. For 2025 and 2024, net charge-offs totaled $553 million and $555 million, respectively, representing .41% of average loans outstanding for each period. Net charge-offs in the final quarter of 2025 reflected three charge-offs totaling $106 million, which had been previously identified by the Company.
Nonaccrual loans were $1.3 billion at December 31, 2025, compared with $1.5 billion at September 30, 2025 and $1.7 billion at December 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with September 30, 2025 and December 31, 2024 predominantly reflects decreases in commercial and industrial and commercial real estate nonaccrual loans.
Noninterest Income
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Mortgage banking revenues $155 $147 5 % $117 32 %
Service charges on deposit accounts 140 141 -1 131 6
Trust income 184 181 2 175 5
Brokerage services income 34 34 -1 30 9
Trading account and other non-hedging derivative gains 19 18 1 10 102
Gain (loss) on bank investment securities 1 1 18 -93
Other revenues from operations 163 230 -29 176 -7
Total $696 $752 -7 $657 6
Noninterest income in the fourth quarter of 2025 decreased $56 million, or 7%, from 2025's third quarter.
- Mortgage banking revenues rose $8 million reflecting higher gains on sales of commercial mortgage loans.
- Trust income increased $3 million largely due to the Company's global capital markets business.
- Other revenues from operations decreased $67 million reflecting a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on sale of equipment leases each in the third quarter of 2025.
Noninterest income rose $39 million, or 6%, as compared with the fourth quarter of 2024.
- Mortgage banking revenues increased $38 million predominantly due to a rise in residential mortgage loan servicing income and higher gains on sales of commercial mortgage loans.
- Service charges on deposit accounts increased $9 million reflecting higher commercial service charges.
- Trust income rose $9 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.
- Trading account and other non-hedging derivative gains increased $9 million reflecting an increase in revenues from interest rate swap transactions with commercial customers.
- The lower gain on bank investment securities reflects realized gains on the sales of Fannie Mae and Freddie Mac preferred securities in the fourth quarter of 2024.
- Other revenues from operations decreased $13 million reflecting a $23 million distribution from M&T's investment in BLG in the fourth quarter of 2024, partially offset by higher merchant discount and credit card fees and letter of credit and other credit-related fees in the recent quarter.
Noninterest income rose $315 million, or 13%, to $2.74 billion in 2025 as compared with $2.43 billion in 2024, reflecting higher mortgage banking revenues, service charges on deposit accounts, trust income and other revenues from operations. The increase in other revenues from operations included a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $12 million gain on the sale of equipment leases, a $10 million gain on the sale of a subsidiary that specialized in institutional services each in 2025 and higher letter of credit and other credit-related fees, partially offset by higher distributions from M&T's investment in BLG in 2024.
Noninterest Expense
(Dollars in millions) 4Q25 3Q25 Change 4Q24 Change
4Q25 vs. 4Q25 vs.
3Q25 4Q24
Salaries and employee benefits $809 $833 -3 % $790 2 %
Equipment and net occupancy 134 129 3 133
Outside data processing and software 146 138 6 125 18
Professional and other services 105 81 31 80 30
FDIC assessments (8) 13 24
Advertising and marketing 32 23 39 30 7
Amortization of core deposit and other intangible assets 10 10 13 -24
Other costs of operations 151 136 12 168 -9
Total $1,379 $1,363 1 $1,363 1
Noninterest expense rose $16 million, or 1%, from the third quarter of 2025.
- Salaries and employee benefits expense decreased $24 million reflecting lower severance-related and other employee benefit expenses.
- Outside data processing and software costs increased $8 million reflecting higher software maintenance expense and a write-off of certain capitalized project costs due to re-prioritization.
- Professional and other services expense rose $24 million reflecting legal and review costs.
- FDIC assessment expense reflects reductions of the estimated special assessment of $29 million in the recent quarter as compared with $8 million in the third quarter of 2025 resulting from decreases in the FDIC's loss estimates associated with certain failed banks.
- Advertising and marketing expense rose $9 million reflecting seasonal campaigns.
- Other costs of operations increased $15 million reflecting a $30 million contribution to The M&T Charitable Foundation, partially offset by a pension settlement gain of $8 million resulting from the purchase of annuities for plan participants that represented approximately $270 million of the Company's pension benefit obligation, each in the recent quarter, and an impairment of a renewable energy tax credit investment in the third quarter of 2025.
Noninterest expense increased $16 million, or 1%, from the fourth quarter of 2024.
- Salaries and employee benefits expense increased $19 million reflecting higher salaries expense from annual merit and other increases.
- Outside data processing and software costs rose $21 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
- Professional and other services expense increased $25 million reflecting legal and review costs.
- FDIC assessment expense declined $32 million reflecting a reduction of the estimated special assessment.
- Other costs of operations decreased $17 million reflecting vacated facility write-downs and a loss on the redemption of certain of M&T's trust preferred obligations each in the fourth quarter of 2024, partially offset by a $30 million contribution to The M&T Charitable Foundation in the recent quarter.
For the year ended December 31, 2025, noninterest expense aggregated $5.49 billion, up 2% from $5.36 billion in 2024. The $134 million increase in noninterest expenses reflected higher salaries and employee benefits expense, resulting from annual merit and other increases, an increase in medical benefits costs, severance-related costs and higher stock compensation expense, and a rise in outside data processing and software costs, partially offset by lower FDIC assessment expense.
Income Taxes
The Company's effective income tax rate was 21.8% in the fourth quarter of 2025, compared with 22.8% in each of the third quarter of 2025 and the fourth quarter of 2024. The lower effective income tax rate in the recent quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns. The Company's effective tax rates were 22.8% and 21.8% in 2025 and 2024, respectively. The increase in the effective income tax rate in 2025 as compared with 2024 reflects the recognition of a discrete tax benefit claimed on a prior year tax return and a net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United Financial, Inc. each in 2024, partially offset by the recent quarter discrete income tax benefit.
Capital and Liquidity
4Q25 3Q25 4Q24
CET1 10.84 % (1) 10.99 % 11.68 %
Tier 1 capital 12.59 (1) 12.49 13.21
Total capital 14.43 (1) 14.35 14.73
Tangible capital - common 8.70 8.79 9.07
______________
(1) Capital ratios at December 31, 2025 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $230 million and $39 million, respectively, for the quarter ended December 31, 2025.
The CET1 capital ratio for M&T was estimated at 10.84% as of December 31, 2025. M&T's total risk-weighted assets at December 31, 2025 are estimated to be $161.9 billion.
M&T repurchased 2.7 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $183.30 resulting in a total cost, including the share repurchase excise tax, of $507 million, compared with 2.1 million and 1.0 million shares at an average cost per share of $193.46 and $206.70 and a total cost, including the share repurchase excise tax, of $409 million and $200 million in the third quarter of 2025 and the fourth quarter of 2024, respectively. Reflecting loan growth in the recent quarter M&T's tangible common equity to tangible asset ratio at December 31, 2025 decreased 9 basis points from September 30, 2025.
While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on December 31, 2025 was 109%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ425. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday January 23, 2026, by calling (800) 695-2185 or (402) 530-9028 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
Forward-Looking Statements
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.
While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
Financial Highlights
Three Months Ended
Year Ended
December 31,
December 31,
(Dollars in millions, except per share, shares in thousands) 2025 2024 Change 2025 2024 Change
Performance
---
Net income $759 $681 12 % $2,851 $2,588 10 %
Net income available to common shareholders 718 644 11 2,699 2,449 10
Per common share:
Basic earnings 4.71 3.88 21 17.10 14.71 16
Diluted earnings 4.67 3.86 21 17.00 14.64 16
Cash dividends 1.50 1.35 11 5.70 5.35 7
Common shares outstanding:
Average - diluted (1) 153,712 166,969 -8 158,791 167,319 -5
Period end (2) 151,840 165,526 -8 151,840 165,526 -8
Return on (annualized):
Average total assets 1.41 % 1.28 % 1.35 % 1.23 %
Average common shareholders' equity 10.87 9.75 10.27 9.54
Taxable-equivalent net interest income $1,790 $1,740 3 $6,992 $6,902 1
Yield on average earning assets 5.46 % 5.60 % 5.52 % 5.74 %
Cost of interest-bearing liabilities 2.51 2.94 2.66 3.17
Net interest spread 2.95 2.66 2.86 2.57
Contribution of interest-free funds .74 .92 .81 1.01
Net interest margin 3.69 3.58 3.67 3.58
Net charge-offs to average total net loans (annualized) .54 .47 .41 .41
Net operating results (3)
---
Net operating income $767 $691 11 $2,883 $2,630 10
Diluted net operating earnings per common share 4.72 3.92 20 17.20 14.88 16
Return on (annualized):
Average tangible assets 1.49 % 1.35 % 1.43 % 1.30 %
Average tangible common equity 16.24 14.66 15.36 14.54
Efficiency ratio 55.1 56.8 56.0 56.9
At December 31,
Loan quality 2025 2024 Change
---
Nonaccrual loans $1,252 $1,690 -26 %
Real estate and other foreclosed assets 35 35 -1
Total nonperforming assets $1,287 $1,725 -25
Accruing loans past due 90 days or more (4) $561 $338 66
Government guaranteed loans included in totals above:
Nonaccrual loans $83 $69 20
Accruing loans past due 90 days or more 543 318 71
Nonaccrual loans to total loans .90 % 1.25 %
Allowance for loan losses to total loans 1.53 1.61
Additional information
---
Period end common stock price $201.48 $188.01 7
Domestic banking offices 942 955 -1
Full time equivalent employees 22,080 22,101
______________________
(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(4) Predominantly government-guaranteed residential real estate loans.
Financial Highlights, Five Quarter Trend
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(Dollars in millions, except per share, shares in thousands) 2025 2025 2025 2025 2024
Performance
---
Net income $759 $792 $716 $584 $681
Net income available to common shareholders 718 754 679 547 644
Per common share:
Basic earnings 4.71 4.85 4.26 3.33 3.88
Diluted earnings 4.67 4.82 4.24 3.32 3.86
Cash dividends 1.50 1.50 1.35 1.35 1.35
Common shares outstanding:
Average - diluted (1) 153,712 156,553 160,005 165,047 166,969
Period end (2) 151,840 154,518 156,532 162,552 165,526
Return on (annualized):
Average total assets 1.41 % 1.49 % 1.37 % 1.14 % 1.28 %
Average common shareholders' equity 10.87 11.45 10.39 8.36 9.75
Taxable-equivalent net interest income $1,790 $1,773 $1,722 $1,707 $1,740
Yield on average earning assets 5.46 % 5.59 % 5.51 % 5.52 % 5.60 %
Cost of interest-bearing liabilities 2.51 2.71 2.71 2.70 2.94
Net interest spread 2.95 2.88 2.80 2.82 2.66
Contribution of interest-free funds .74 .80 .82 .84 .92
Net interest margin 3.69 3.68 3.62 3.66 3.58
Net charge-offs to average total net loans (annualized) .54 .42 .32 .34 .47
Net operating results (3)
---
Net operating income $767 $798 $724 $594 $691
Diluted net operating earnings per common share 4.72 4.87 4.28 3.38 3.92
Return on (annualized):
Average tangible assets 1.49 % 1.56 % 1.44 % 1.21 % 1.35 %
Average tangible common equity 16.24 17.13 15.54 12.53 14.66
Efficiency ratio 55.1 53.6 55.2 60.5 56.8
December 31, September 30, June 30, March 31, December 31,
Loan quality 2025 2025 2025 2025 2024
---
Nonaccrual loans $1,252 $1,512 $1,573 $1,540 $1,690
Real estate and other foreclosed assets 35 37 30 34 35
Total nonperforming assets $1,287 $1,549 $1,603 $1,574 $1,725
Accruing loans past due 90 days or more (4) $561 $432 $496 $384 $338
Government guaranteed loans included in totals above:
Nonaccrual loans 83 71 75 69 69
Accruing loans past due 90 days or more 543 403 450 368 318
Nonaccrual loans to total loans .90 % 1.10 % 1.16 % 1.14 % 1.25 %
Allowance for loan losses to total loans 1.53 1.58 1.61 1.63 1.61
Additional information
---
Period end common stock price $201.48 $197.62 $193.99 $178.75 $188.01
Domestic banking offices 942 942 941 955 955
Full time equivalent employees 22,080 22,383 22,590 22,291 22,101
______________________
(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(4) Predominantly government-guaranteed residential real estate loans.
Condensed Consolidated Statement of Income
Three Months Ended
Year Ended
December 31,
December 31,
(Dollars in millions) 2025 2024 Change 2025 2024 Change
Interest income $2,637 $2,707 -3 % $10,486 $11,026 -5 %
Interest expense 858 979 -12 3,538 4,174 -15
Net interest income 1,779 1,728 3 6,948 6,852 1
Provision for credit losses 125 140 -11 505 610 -17
Net interest income after provision for credit losses 1,654 1,588 4 6,443 6,242 3
Other income
Mortgage banking revenues 155 117 32 550 436 26
Service charges on deposit accounts 140 131 6 551 514 7
Trust income 184 175 5 724 675 7
Brokerage services income 34 30 9 131 121 8
Trading account and other non-hedging 19 10 102 58 39 48
derivative gains
Gain (loss) on bank investment securities 1 18 -93 2 10 -82
Other revenues from operations 163 176 -7 726 632 15
Total other income 696 657 6 2,742 2,427 13
Other expense
Salaries and employee benefits 809 790 2 3,342 3,162 6
Equipment and net occupancy 134 133 525 512 2
Outside data processing and software 146 125 18 558 492 14
Professional and other services 105 80 30 356 344 3
FDIC assessments (8) 24 50 146 -66
Advertising and marketing 32 30 7 102 104 -2
Amortization of core deposit and other 10 13 -24 42 53 -21
intangible assets
Other costs of operations 151 168 -9 518 546 -5
Total other expense 1,379 1,363 1 5,493 5,359 2
Income before taxes 971 882 10 3,692 3,310 12
Income taxes 212 201 5 841 722 16
Net income $759 $681 12 % $2,851 $2,588 10 %
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(Dollars in millions) 2025 2025 2025 2025 2024
Interest income $2,637 $2,680 $2,609 $2,560 $2,707
Interest expense 858 919 896 865 979
Net interest income 1,779 1,761 1,713 1,695 1,728
Provision for credit losses 125 125 125 130 140
Net interest income after provision for credit losses 1,654 1,636 1,588 1,565 1,588
Other income
Mortgage banking revenues 155 147 130 118 117
Service charges on deposit accounts 140 141 137 133 131
Trust income 184 181 182 177 175
Brokerage services income 34 34 31 32 30
Trading account and other non-hedging 19 18 12 9 10
derivative gains
Gain (loss) on bank investment securities 1 1 18
Other revenues from operations 163 230 191 142 176
Total other income 696 752 683 611 657
Other expense
Salaries and employee benefits 809 833 813 887 790
Equipment and net occupancy 134 129 130 132 133
Outside data processing and software 146 138 138 136 125
Professional and other services 105 81 86 84 80
FDIC assessments (8) 13 22 23 24
Advertising and marketing 32 23 25 22 30
Amortization of core deposit and other 10 10 9 13 13
intangible assets
Other costs of operations 151 136 113 118 168
Total other expense 1,379 1,363 1,336 1,415 1,363
Income before taxes 971 1,025 935 761 882
Income taxes 212 233 219 177 201
Net income $759 $792 $716 $584 $681
Condensed Consolidated Balance Sheet
December 31,
(Dollars in millions) 2025 2024 Change
ASSETS
Cash and due from banks $1,701 $1,909 -11 %
Interest-bearing deposits at banks 17,068 18,873 -10
Trading account 97 101 -4
Investment securities 36,649 34,051 8
Loans:
Commercial and industrial 63,548 61,481 3
Real estate - commercial 23,819 26,764 -11
Real estate - residential 24,874 23,166 7
Consumer 26,461 24,170 9
Total loans 138,702 135,581 2
Less: allowance for loan losses 2,116 2,184 -3
Net loans 136,586 133,397 2
Goodwill 8,465 8,465
Core deposit and other intangible assets 64 94 -32
Other assets 12,880 11,215 15
Total assets $213,510 $208,105 3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $46,509 $46,020 1 %
Interest-bearing deposits 120,400 115,075 5
Total deposits 166,909 161,095 4
Short-term borrowings 2,149 1,060 103
Long-term borrowings 10,911 12,605 -13
Accrued interest and other liabilities 4,364 4,318 1
Total liabilities 184,333 179,078 3
Shareholders' equity:
Preferred 2,834 2,394 18
Common 26,343 26,633 -1
Total shareholders' equity 29,177 29,027 1
Total liabilities and shareholders' equity $213,510 $208,105 3 %
Condensed Consolidated Balance Sheet, Five Quarter Trend
December 31, September 30, June 30, March 31, December 31,
(Dollars in millions) 2025 2025 2025 2025 2024
ASSETS
Cash and due from banks $1,701 $1,950 $2,128 $2,109 $1,909
Interest-bearing deposits at banks 17,068 16,751 19,297 20,656 18,873
Trading account 97 95 93 96 101
Investment securities 36,649 36,864 35,568 35,137 34,051
Loans:
Commercial and industrial 63,548 61,887 61,660 60,596 61,481
Real estate - commercial 23,819 24,046 24,567 25,867 26,764
Real estate - residential 24,874 24,662 24,117 23,284 23,166
Consumer 26,461 26,379 25,772 24,827 24,170
Total loans 138,702 136,974 136,116 134,574 135,581
Less: allowance for loan losses 2,116 2,161 2,197 2,200 2,184
Net loans 136,586 134,813 133,919 132,374 133,397
Goodwill 8,465 8,465 8,465 8,465 8,465
Core deposit and other intangible assets 64 74 84 93 94
Other assets 12,880 12,265 12,030 11,391 11,215
Total assets $213,510 $211,277 $211,584 $210,321 $208,105
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $46,509 $44,994 $47,485 $49,051 $46,020
Interest-bearing deposits 120,400 118,432 116,968 116,358 115,075
Total deposits 166,909 163,426 164,453 165,409 161,095
Short-term borrowings 2,149 2,059 2,071 1,573 1,060
Long-term borrowings 10,911 12,928 12,380 10,496 12,605
Accrued interest and other liabilities 4,364 4,136 4,155 3,852 4,318
Total liabilities 184,333 182,549 183,059 181,330 179,078
Shareholders' equity:
Preferred 2,834 2,394 2,394 2,394 2,394
Common 26,343 26,334 26,131 26,597 26,633
Total shareholders' equity 29,177 28,728 28,525 28,991 29,027
Total liabilities and shareholders' equity $213,510 $211,277 $211,584 $210,321 $208,105
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended Change in Balance
Year Ended
December 31, September 30, December 31, December 31, 2025 from
December 31, Change
2025 2025 2024 September
30, December 31, 2025 2024 in
(Dollars in millions) Balance Rate Balance Rate Balance Rate 2025 2024 Balance Rate Balance Rate Balance
ASSETS
Interest-bearing deposits at banks $17,964 3.98 % $17,739 4.43 % $23,602 4.80 % 1 % -24 % $18,767 4.35 % $27,244 5.33 % -31 %
Trading account 97 3.42 95 3.48 102 3.37 2 -5 96 3.45 102 3.42 -6
Investment securities (1) 36,705 4.17 36,559 4.13 33,679 3.88 9 35,778 4.03 30,755 3.64 16
Loans:
Commercial and industrial 62,257 6.22 61,716 6.45 60,704 6.56 1 3 61,520 6.36 58,871 6.90 4
Real estate - commercial 24,101 6.21 24,353 6.35 27,896 6.25 -1 -14 25,004 6.26 30,271 6.32 -17
Real estate - residential 24,765 4.60 24,359 4.59 23,088 4.45 2 7 24,001 4.54 23,056 4.36 4
Consumer 26,477 6.58 26,099 6.60 24,035 6.65 1 10 25,578 6.58 22,519 6.63 14
Total loans 137,600 6.00 136,527 6.14 135,723 6.17 1 1 136,103 6.08 134,717 6.31 1
Total earning assets 192,366 5.46 190,920 5.59 193,106 5.60 1 190,744 5.52 192,818 5.74 -1
Goodwill 8,465 8,465 8,465 8,465 8,465
Core deposit and other intangible assets 69 79 100 -12 -31 82 120 -32
Other assets 11,991 11,589 10,182 3 18 11,354 9,817 16
Total assets $212,891 $211,053 $211,853 1 % - % $210,645 $211,220 - %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking $107,287 2.04 % $104,660 2.23 % $102,127 2.44 % 3 % 5 % $104,385 2.17 % $97,824 2.57 % 7 %
deposits
Time deposits 13,586 3.18 13,990 3.38 15,958 3.95 -3 -15 14,020 3.39 18,339 4.26 -24
Total interest-bearing deposits 120,873 2.17 118,650 2.36 118,085 2.64 2 2 118,405 2.32 116,163 2.84 2
Short-term borrowings 2,064 4.21 2,844 4.50 2,563 4.93 -27 -19 2,774 4.45 4,440 5.45 -38
Long-term borrowings 12,555 5.51 12,789 5.59 11,665 5.57 -2 8 11,897 5.61 11,083 5.76 7
Total interest-bearing liabilities 135,492 2.51 134,283 2.71 132,313 2.94 1 2 133,076 2.66 131,686 3.17 1
Noninterest-bearing deposits 44,184 44,056 46,554 -5 44,702 47,260 -5
Other liabilities 4,245 4,131 4,279 3 -1 4,063 4,222 -4
Total liabilities 183,921 182,470 183,146 1 181,841 183,168 -1
Shareholders' equity 28,970 28,583 28,707 1 1 28,804 28,052 3
Total liabilities and shareholders' equity $212,891 $211,053 $211,853 1 % - % $210,645 $211,220 - %
Net interest spread 2.95 2.88 2.66 2.86 2.57
Contribution of interest-free funds .74 .80 .92 .81 1.01
Net interest margin 3.69 % 3.68 % 3.58 % 3.67 % 3.58 %
_______________
(1) Yields on investment securities for the year ended December 31, 2025 reflect $18 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 Financial, Inc.
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months Ended
Year Ended
December 31,
December 31,
2025 2024 2025 2024
(Dollars in millions, except per share)
Income statement data
---
Net income
Net income $759 $681 $2,851 $2,588
Amortization of core deposit and other intangible assets (1) 8 10 32 42
Net operating income $767 $691 $2,883 $2,630
Earnings per common share
Diluted earnings per common share $4.67 $3.86 $17.00 $14.64
Amortization of core deposit and other intangible assets (1) .05 .06 .20 .24
Diluted net operating earnings per common share $4.72 $3.92 $17.20 $14.88
Other expense
Other expense $1,379 $1,363 $5,493 $5,359
Amortization of core deposit and other intangible assets (10) (13) (42) (53)
Noninterest operating expense $1,369 $1,350 $5,451 $5,306
Efficiency ratio
Noninterest operating expense (numerator) $1,369 $1,350 $5,451 $5,306
Taxable-equivalent net interest income $1,790 $1,740 $6,992 $6,902
Other income 696 657 2,742 2,427
Less: Gain (loss) on bank investment securities 1 18 2 10
Denominator $2,485 $2,379 $9,732 $9,319
Efficiency ratio 55.1 % 56.8 % 56.0 % 56.9 %
Balance sheet data
---
Average assets
Average assets $212,891 $211,853 $210,645 $211,220
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (69) (100) (82) (120)
Deferred taxes 22 29 24 33
Average tangible assets $204,379 $203,317 $202,122 $202,668
Average common equity
Average total equity $28,970 $28,707 $28,804 $28,052
Preferred stock (2,691) (2,394) (2,468) (2,344)
Average common equity 26,279 26,313 26,336 25,708
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (69) (100) (82) (120)
Deferred taxes 22 29 24 33
Average tangible common equity $17,767 $17,777 $17,813 $17,156
At end of quarter
Total assets
Total assets $213,510 $208,105
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (64) (94)
Deferred taxes 20 28
Total tangible assets $205,001 $199,574
Total common equity
Total equity $29,177 $29,027
Preferred stock (2,834) (2,394)
Common equity 26,343 26,633
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (64) (94)
Deferred taxes 20 28
Total tangible common equity $17,834 $18,102
_______________
(1) After any related tax effect.
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2025 2025 2025 2025 2024
(Dollars in millions, except per share)
Income statement data
---
Net income
Net income $759 $792 $716 $584 $681
Amortization of core deposit and other intangible assets (1) 8 6 8 10 10
Net operating income $767 $798 $724 $594 $691
Earnings per common share
Diluted earnings per common share $4.67 $4.82 $4.24 $3.32 $3.86
Amortization of core deposit and other intangible assets (1) .05 .05 .04 .06 .06
Diluted net operating earnings per common share $4.72 $4.87 $4.28 $3.38 $3.92
Other expense
Other expense $1,379 $1,363 $1,336 $1,415 $1,363
Amortization of core deposit and other intangible assets (10) (10) (9) (13) (13)
Noninterest operating expense $1,369 $1,353 $1,327 $1,402 $1,350
Efficiency ratio
Noninterest operating expense (numerator) $1,369 $1,353 $1,327 $1,402 $1,350
Taxable-equivalent net interest income $1,790 $1,773 $1,722 $1,707 $1,740
Other income 696 752 683 611 657
Less: Gain (loss) on bank investment securities 1 1 18
Denominator $2,485 $2,524 $2,405 $2,318 $2,379
Efficiency ratio 55.1 % 53.6 % 55.2 % 60.5 % 56.8 %
Balance sheet data
---
Average assets
Average assets $212,891 $211,053 $210,261 $208,321 $211,853
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (69) (79) (89) (92) (100)
Deferred taxes 22 24 26 27 29
Average tangible assets $204,379 $202,533 $201,733 $199,791 $203,317
Average common equity
Average total equity $28,970 $28,583 $28,666 $28,998 $28,707
Preferred stock (2,691) (2,394) (2,394) (2,394) (2,394)
Average common equity 26,279 26,189 26,272 26,604 26,313
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (69) (79) (89) (92) (100)
Deferred taxes 22 24 26 27 29
Average tangible common equity $17,767 $17,669 $17,744 $18,074 $17,777
At end of quarter
Total assets
Total assets $213,510 $211,277 $211,584 $210,321 $208,105
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (64) (74) (84) (93) (94)
Deferred taxes 20 23 25 26 28
Total tangible assets $205,001 $202,761 $203,060 $201,789 $199,574
Total common equity
Total equity $29,177 $28,728 $28,525 $28,991 $29,027
Preferred stock (2,834) (2,394) (2,394) (2,394) (2,394)
Common equity 26,343 26,334 26,131 26,597 26,633
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (64) (74) (84) (93) (94)
Deferred taxes 20 23 25 26 28
Total tangible common equity $17,834 $17,818 $17,607 $18,065 $18,102
_______________
(1) After any related tax effect.
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SOURCE M&T Bank Corporation
