M&T Bank Corporation (NYSE:MTB) announces first quarter 2025 results

Financial Performance - M&T Bank Corporation reported a quarterly net income of $584 million, translating to diluted earnings of $3.32 per common share, marking a 10% increase in net income compared to $531 million in the first quarter of 2024 [1][42]. - The net interest income for the first quarter of 2025 was $1,695 million, a slight decrease from $1,728 million in the fourth quarter of 2024 but an increase from $1,680 million in the first quarter of 2024 [2][42]. - Noninterest income totaled $611 million, down 7% from $657 million in the previous quarter but up 5% from $580 million in the same quarter last year [24][25]. Asset Quality - Nonaccrual loans decreased to $1.54 billion, down 9% from $1.69 billion in the fourth quarter of 2024 and down 33% from $2.30 billion in the first quarter of 2024 [18][22]. - The provision for credit losses was $130 million, a decrease from $140 million in the previous quarter and $200 million in the same quarter last year [21][22]. - The allowance for credit losses as a percentage of loans outstanding increased to 1.63% from 1.61% at the end of the previous quarter [21][22]. Capital and Shareholder Returns - The Common Equity Tier 1 (CET1) capital ratio was estimated at 11.50% as of March 31, 2025, down from 11.68% at the end of the previous quarter [3][31]. - M&T repurchased 3,415,303 shares of its common stock at an average cost of $192.06 per share, totaling $662 million, compared to $200 million for 957,988 shares in the fourth quarter of 2024 [33][32]. - Cash dividends declared for common and preferred stock totaled $223 million and $36 million, respectively, for the quarter ended March 31, 2025 [32]. Efficiency and Operational Metrics - The efficiency ratio for the first quarter of 2025 was 60.5%, an improvement from 60.8% in the first quarter of 2024 [8][42]. - The return on average assets was 1.14%, up from 1.01% in the same quarter last year, while the return on average common shareholders' equity was 8.36%, compared to 8.14% in the first quarter of 2024 [42][30]. - Noninterest expenses increased to $1,415 million, a 4% rise from $1,363 million in the previous quarter and a 1% increase from $1,396 million in the first quarter of 2024 [26][28].