BUFFALO, N.Y., July 18, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $655 million or $3.73 of diluted earnings per common share.

(Dollars in millions, except per share data)

2Q24

1Q24

2Q23

Earnings Highlights

Net interest income

$        1,718

$        1,680

$        1,799

Taxable-equivalent adjustment

13

12

14

Net interest income - taxable-equivalent

1,731

1,692

1,813

Provision for credit losses

150

200

150

Noninterest income

584

580

803

Noninterest expense

1,297

1,396

1,293

Net income

655

531

867

Net income available to common shareholders - diluted

626

505

841

Diluted earnings per common share

3.73

3.02

5.05

Return on average assets - annualized

1.24 %

1.01 %

1.70 %

Return on average common shareholders' equity - annualized

9.95

8.14

14.27

Average Balance Sheet

Total assets

$     211,981

$     211,478

$     204,376

Interest-bearing deposits at banks

29,294

30,647

23,617

Investment securities

29,695

28,587

28,623

Loans and leases, net of unearned discount

134,588

133,796

133,545

Deposits

163,491

164,065

159,399

Borrowings

16,452

16,001

15,055

Selected Ratios

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

Net interest margin

3.59 %

3.52 %

3.91 %

Efficiency ratio

55.3

60.8

48.9

Net charge-offs to average total loans - annualized

.41

.42

.38

Allowance for credit losses to total loans

1.63

1.62

1.50

Nonaccrual loans to total loans

1.50

1.71

1.83

Common equity Tier 1 ("CET1") capital ratio (1)

11.44

11.08

10.59

Common shareholders' equity per share

$      153.57

$      150.90

$      143.41