M&T(MTB) - 2025 Q1 - Quarterly Report

Financial Performance - Net income for the three months ended March 31, 2025, was $584 million, compared to$531 million for the same period in 2024, reflecting an increase of 10%[20]. - Total comprehensive income for Q1 2025 was $838 million, significantly higher than$401 million in Q1 2024, reflecting a strong performance[22]. - Net income available to common shareholders for Q1 2025 was $547 million, an increase of 8.3$505 million in Q1 2024[73]. - Basic earnings per common share for Q1 2025 was $3.33, up 9.5$3.04 in Q1 2024[73]. - Diluted earnings per common share for Q1 2025 was $3.32, an increase of 9.9$3.02 in Q1 2024[74]. - Total revenue for the first quarter of 2025 was $2,306 million, an increase from$2,260 million in the first quarter of 2024, marking a growth of 2.0%[126]. Asset and Deposit Growth - Total assets increased to $210,321 million as of March 31, 2025, up from$208,105 million at December 31, 2024, representing a growth of 1.1%[16]. - Total deposits increased to $165,409 million as of March 31, 2025, compared to$161,095 million at December 31, 2024, a growth of 2%[16]. - The net increase in deposits for the three months ended March 31, 2025, was $4,314 million, compared to$3,921 million for the same period in 2024[24]. Credit Quality and Losses - The provision for credit losses decreased to $130 million in Q1 2025 from$200 million in Q1 2024, indicating improved credit quality[20]. - The allowance for credit losses increased to $2,200 million as of March 31, 2025, from$2,191 million as of March 31, 2024, reflecting a net charge-off of $114 million for the period[48]. - Net charge-offs totaled$114 million in Q1 2025, with an annualized percentage of 0.34%, compared to $160 million and 0.47$150 million from December 31, 2024, to March 31, 2025, reflecting a $113 million reduction in commercial real estate nonaccrual loans[185]. Investment Securities - The amortized cost of total debt securities was$34,159 million as of March 31, 2025, with an estimated fair value of $33,107 million, reflecting a decrease in value[30]. - Investment securities available for sale had an amortized cost of$20,807 million and an estimated fair value of $20,799 million as of March 31, 2025, indicating minimal unrealized losses[30]. - The fair value of investment securities held to maturity was estimated at$12,308 million as of March 31, 2025[112]. Borrowings and Liquidity - The total short-term borrowings increased to $1,573 million as of March 31, 2025, compared to$1,060 million as of December 31, 2024, reflecting a growth of about 48%[63]. - Long-term borrowings decreased to $10,496 million as of March 31, 2025, down from$12,605 million as of December 31, 2024, indicating a decline of approximately 17%[63]. - The company had secured borrowing facilities available totaling approximately $18.6 billion with the FHLB of New York and$24.7 billion with the FRB of New York as of March 31, 2025[64]. Noninterest Income - Total noninterest income for the three months ended March 31, 2025, was $397 million, compared to$367 million for the same period in 2024, representing an increase of approximately 8%[71]. - Revenue from service charges on deposit accounts increased to $133 million for the three months ended March 31, 2025, up from$124 million for the same period in 2024, marking a growth of about 7%[71]. Economic Outlook - The national unemployment rate is projected to be 4.7% in Year 1 and 5.2% in Year 2, indicating potential economic challenges[210]. - The real GDP growth rate is forecasted at 0.7% for Year 1 and 2.2% for Year 2, showing a decline compared to previous estimates[210]. - The commercial real estate price index is expected to decline by 3.0% in Year 1, with a recovery of 2.9% in Year 2, reflecting volatility in the market[210].