PR Newswire
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
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