Revenue performance remains constrained by stagnant net interest income of $1.8 billion and efficiency ratio fluctuations that peaked at 54.2% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 7B | 6.95B | 6.85B | 7.12B | 5.82B | 3.83B | 3.87B | 4.13B | 4.07B | 3.78B | 3.47B | 2.84B | 2.68B | 2.67B | 2.6B | 2.39B | 2.27B | 2.06B | 1.94B | 1.85B | 1.82B | 1.79B | 1.73B | 1.6B | 1.25B | 1.16B | 854.19M | 759.4M | 671.9M | 559.4M | 531M |
| NII Growth % | 8.05% | 1.4% | -3.7% | 22.21% | 52.21% | -1.07% | -6.39% | 1.42% | 7.7% | 8.97% | 22.07% | 6.21% | 0.12% | 2.88% | 8.74% | 5.39% | 10.3% | 5.98% | 4.84% | 1.8% | 1.29% | 3.45% | 8.5% | 28.15% | 7.71% | 35.6% | 12.48% | 13.02% | 20.11% | 5.35% | 9.17% |
| Net Interest Margin % | 3.26% | 3.25% | 3.29% | 3.42% | 2.9% | 2.47% | 2.71% | 3.45% | 3.39% | 3.19% | 2.81% | 2.32% | 2.77% | 3.14% | 3.13% | 3.07% | 3.33% | 2.98% | 2.95% | 2.85% | 3.19% | 3.25% | 3.28% | 3.21% | 3.76% | 3.68% | 2.95% | 3.39% | 3.26% | 3.99% | 4.1% |
| Interest Income | 10.46B | 10.49B | 11.03B | 10.22B | 6.25B | 3.94B | 4.19B | 4.88B | 4.6B | 4.17B | 3.9B | 3.17B | 2.96B | 2.96B | 2.94B | 2.79B | 2.73B | 2.73B | 3.28B | 3.54B | 3.31B | 2.79B | 2.3B | 2.13B | 1.84B | 2.1B | 1.77B | 1.48B | 1.36B | 1.07B | 997.4M |
| Interest Expense | 3.46B | 3.54B | 4.17B | 3.11B | 425M | 114M | 326.39M | 749.33M | 526.41M | 386.75M | 425.98M | 328.26M | 280.43M | 284.11M | 343.17M | 402.33M | 462.27M | 669.45M | 1.34B | 1.69B | 1.5B | 994.35M | 564.16M | 527.81M | 594.51M | 943.6M | 918.6M | 719.23M | 687.6M | 508.1M | 466.4M |
| Loan Loss Provision | -404M | -414M | 610M | 645M | 517M | -75M | 800M | 176M | 132M | 168M | 190M | 170M | 124M | 185M | 204M | 270M | 368M | 604M | 412M | 192M | 80M | 88M | 95M | 131M | 122M | 103.5M | 38M | 44.5M | 43.2M | 46M | 43.3M |
| Non-Interest Income | 1.9B | 1.82B | 2.38B | 2.28B | 2.19B | 2.14B | 2.09B | 2.06B | 1.86B | 1.85B | 1.83B | 1.83B | 1.78B | 1.88B | 1.69B | 1.61B | 1.13B | 1.07B | 976.43M | 924.05M | 1.05B | 949.72M | 942.97M | 831.1M | 511.93M | 477.43M | 324.67M | 282.38M | 262.9M | 190.5M | 170.2M |
| Non-Interest Income % | 15.38% | 14.81% | 17.75% | 18.25% | 25.97% | 35.17% | 33.25% | 29.7% | 28.75% | 30.76% | 31.91% | 36.53% | 37.57% | 38.88% | 36.47% | 36.53% | 29.35% | 28.27% | 22.95% | 20.68% | 23.99% | 25.4% | 29.09% | 28.1% | 21.75% | 18.51% | 15.48% | 16.03% | 16.2% | 15.14% | 14.58% |
| Total Revenue | 12.36B | 12.31B | 13.4B | 12.51B | 8.44B | 6.08B | 6.28B | 6.94B | 6.45B | 6.02B | 5.72B | 5B | 4.74B | 4.84B | 4.63B | 4.4B | 3.86B | 3.8B | 4.25B | 4.47B | 4.36B | 3.74B | 3.24B | 2.96B | 2.35B | 2.58B | 2.1B | 1.76B | 1.62B | 1.26B | 1.17B |
| Revenue Growth % | -26.83% | -8.18% | 7.18% | 48.22% | 38.87% | -3.27% | -9.51% | 7.54% | 7.24% | 5.19% | 14.53% | 5.48% | -2.12% | 4.5% | 5.26% | 13.86% | 1.7% | -10.69% | -4.81% | 2.5% | 16.63% | 15.32% | 9.6% | 25.64% | -8.73% | 22.97% | 19.11% | 8.54% | 28.97% | 7.74% | 8.34% |
| Non-Interest Expense | 5.52B | 5.49B | 5.31B | 5.13B | 4.88B | 3.58B | 3.39B | 3.47B | 3.29B | 3.14B | 3.05B | 2.82B | 2.69B | 2.6B | 2.53B | 2.5B | 1.94B | 2.01B | 1.76B | 1.62B | 1.55B | 1.49B | 1.52B | 1.45B | 921.03M | 948.32M | 694.45M | 578.98M | 566M | 421.8M | 408.9M |
| Efficiency Ratio | 44.62% | 44.63% | 39.62% | 41.05% | 57.88% | 58.95% | 53.9% | 49.97% | 50.94% | 52.17% | 53.26% | 56.51% | 56.79% | 53.82% | 54.65% | 56.88% | 50.23% | 52.81% | 41.48% | 36.22% | 35.59% | 39.73% | 46.77% | 48.96% | 39.13% | 36.77% | 33.11% | 32.88% | 34.89% | 33.53% | 35.02% |
| Operating Income | 3.79B | 3.69B | 3.31B | 3.62B | 2.61B | 2.46B | 1.77B | 2.55B | 2.51B | 2.32B | 2.06B | 1.67B | 1.64B | 1.77B | 1.55B | 1.22B | 1.09B | 519.29M | 739.78M | 963.54M | 1.23B | 1.17B | 1.07B | 850.67M | 716.48M | 583.9M | 446.41M | 418.3M | 325.6M | 282.1M | 249M |
| Operating Margin % | 30.69% | 29.99% | 24.69% | 28.94% | 30.96% | 40.4% | 28.17% | 36.7% | 38.86% | 38.61% | 35.97% | 33.52% | 34.67% | 36.49% | 33.53% | 27.84% | 28.28% | 13.67% | 17.39% | 21.56% | 28.25% | 31.32% | 32.9% | 28.76% | 30.44% | 22.64% | 21.28% | 23.75% | 20.07% | 22.42% | 21.33% |
| Operating Income Growth % | - | 11.54% | -8.54% | 38.55% | 6.4% | 38.74% | -30.53% | 1.56% | 7.93% | 12.9% | 22.91% | 1.98% | -6.98% | 13.72% | 26.78% | 12.06% | 110.44% | -29.8% | -23.22% | -21.77% | 5.19% | 9.79% | 25.37% | 18.73% | 22.71% | 30.8% | 6.72% | 28.47% | 15.42% | 13.29% | 12.62% |
| Pretax Income | 3.79B | 3.69B | 3.31B | 3.62B | 2.61B | 2.46B | 1.77B | 2.55B | 2.51B | 2.32B | 2.06B | 1.67B | 1.64B | 1.77B | 1.55B | 1.22B | 1.09B | 519.29M | 739.78M | 963.54M | 1.23B | 1.17B | 1.07B | 850.67M | 716.48M | 583.9M | 446.41M | 418.3M | 325.6M | 282.1M | 249M |
| Pretax Margin % | 30.69% | 29.99% | 24.69% | 28.94% | 30.96% | 40.4% | 28.17% | 36.7% | 38.86% | 38.61% | 35.97% | 33.52% | 34.67% | 36.49% | 33.53% | 27.84% | 28.28% | 13.67% | 17.39% | 21.56% | 28.25% | 31.32% | 32.9% | 28.76% | 30.44% | 22.64% | 21.28% | 23.75% | 20.07% | 22.42% | 21.33% |
| Income Tax | 863M | 841M | 722M | 878M | 620M | 596M | 416.37M | 618.11M | 590.16M | 915.56M | 743.28M | 595.02M | 576M | 627.09M | 523.03M | 365.12M | 356.63M | 139.4M | 183.89M | 309.28M | 392.45M | 388.74M | 344M | 276.73M | 231.39M | 205.82M | 160.25M | 152.7M | 117.6M | 105.9M | 97.9M |
| Effective Tax Rate % | 22.75% | 22.78% | 21.81% | 24.26% | 23.74% | 24.28% | 23.53% | 24.27% | 23.53% | 39.4% | 36.11% | 35.53% | 35.07% | 35.52% | 33.69% | 29.82% | 32.63% | 26.84% | 24.86% | 32.1% | 31.86% | 33.2% | 32.25% | 32.53% | 32.3% | 35.25% | 35.9% | 36.5% | 36.12% | 37.54% | 39.32% |
| Net Income | 2.93B | 2.85B | 2.59B | 2.74B | 1.99B | 1.86B | 1.35B | 1.93B | 1.92B | 1.41B | 1.32B | 1.08B | 1.07B | 1.14B | 1.03B | 859.48M | 736.16M | 379.89M | 555.89M | 654.26M | 839.19M | 782.18M | 722.52M | 573.94M | 485.09M | 378.07M | 286.16M | 265.6M | 208M | 176.2M | 151.1M |
| Net Margin % | 23.71% | 23.16% | 19.31% | 21.92% | 23.61% | 30.6% | 21.54% | 27.79% | 29.72% | 23.4% | 22.98% | 21.61% | 22.51% | 23.53% | 22.23% | 19.54% | 19.05% | 10% | 13.07% | 14.64% | 19.25% | 20.92% | 22.29% | 19.41% | 20.61% | 14.66% | 13.64% | 15.08% | 12.82% | 14.01% | 12.94% |
| Net Income Growth % | 10.98% | 10.16% | -5.58% | 37.6% | 7.15% | 37.38% | -29.86% | 0.58% | 36.2% | 7.09% | 21.81% | 1.26% | -6.34% | 10.59% | 19.78% | 16.75% | 93.78% | -31.66% | -15.04% | -22.04% | 7.29% | 8.26% | 25.89% | 18.32% | 28.31% | 32.12% | 7.74% | 27.69% | 18.05% | 16.61% | 15.34% |
| Net Income (Continuing) | 2.93B | 2.85B | 2.59B | 2.74B | 1.99B | 1.86B | 1.35B | 1.93B | 1.92B | 1.41B | 1.32B | 1.08B | 1.07B | 1.14B | 1.03B | 859.48M | 736.16M | 379.89M | 555.89M | 654.26M | 839.19M | 782.18M | 722.52M | 573.94M | 485.09M | 378.07M | 286.16M | 265.6M | 208M | 176.2M | 151.1M |
| EPS (Diluted) | 18.72 | 17.00 | 14.64 | 15.79 | 11.53 | 13.80 | 9.94 | 13.75 | 12.74 | 8.70 | 7.78 | 7.18 | 7.42 | 8.20 | 7.54 | 6.35 | 5.69 | 2.89 | 5.01 | 5.95 | 7.37 | 6.73 | 6.00 | 4.95 | 4.78 | 3.82 | 3.44 | 3.28 | 2.62 | 2.53 | 2.11 |
| EPS Growth % | 20.36% | 16.12% | -7.28% | 36.95% | -16.45% | 38.83% | -27.71% | 7.93% | 46.44% | 11.83% | 8.36% | -3.23% | -9.51% | 8.75% | 18.74% | 11.6% | 96.89% | -42.32% | -15.8% | -19.27% | 9.51% | 12.17% | 21.21% | 3.56% | 25.13% | 11.05% | 4.88% | 25.19% | 3.56% | 19.91% | 17.22% |
| EPS (Basic) | - | 17.10 | 14.71 | 15.85 | 11.59 | 13.81 | 9.94 | 13.76 | 12.75 | 8.72 | 7.80 | 7.22 | 7.47 | 8.26 | 7.57 | 6.37 | 5.72 | 2.90 | 5.04 | 6.05 | 7.55 | 6.88 | 6.14 | 5.08 | 4.94 | 3.95 | 3.55 | 3.41 | 2.73 | 2.66 | 2.25 |
| Diluted Shares Outstanding | 156.55M | 156.55M | 167.32M | 167M | 164.03M | 128.81M | 128.7M | 134.46M | 138.51M | 152.55M | 157.3M | 137.53M | 131.84M | 137.83M | 136M | 134.93M | 118.84M | 114.78M | 110.9M | 110.01M | 113.92M | 116.23M | 120.41M | 115.95M | 101.48M | 98.97M | 83.19M | 80.98M | 79.51M | 69.64M | 71.19M |
CRE Office Concentration
According to the provided quarterly financial data, M&T Bank's net interest income has remained largely flat at $1.8 billion since 2025Q1, suggesting that the bank is struggling to expand its interest-earning asset base despite the broader regional banking environment's shifting interest rate dynamics.
The lack of meaningful NII growth indicates that the bank's loan volume expansion is likely being offset by competitive pricing pressures or a strategic pivot away from higher-yielding, riskier assets. Investors should monitor whether this plateau reflects a deliberate defensive posture or an inability to capture market share in its core Northeast corridors.
As reported in recent financial statements, M&T Bank's efficiency ratio fluctuated significantly, reaching a high of 54.2% in 2025Q3 before moderating to 44.6% in 2026Q1, which highlights the ongoing operational challenges associated with managing a complex, multi-state branch and institutional services footprint.
The volatility in the efficiency ratio suggests that the bank may be experiencing lumpy non-interest expenses, potentially linked to the integration of recent acquisitions or investments in digital infrastructure. Maintaining a sub-45% ratio is critical for the bank to demonstrate that its scale provides genuine operating leverage rather than just increased administrative complexity.
Based on the provided income statement data, the provision for credit losses exhibited extreme variance, including a notable negative provision of $794 million in 2025Q3, which complicates the assessment of the bank's true credit quality and its long-term reserve adequacy under the CECL framework.
This erratic provisioning behavior suggests that management's forward-looking economic assumptions are subject to significant revision, which may obscure the actual performance of the loan book. Analysts should look past these accounting adjustments to evaluate whether the bank's underlying asset quality in the commercial real estate sector is deteriorating or if these swings are merely technical model updates.
Financial disclosures indicate that non-interest fee income has shown inconsistent performance, with a sharp contraction to negative $167 million in 2025Q3, suggesting that the bank's reliance on Wilmington Trust's fiduciary services may be more sensitive to market volatility than previously anticipated by the investment community.
While the institutional services segment is intended to provide a recurring revenue hedge, the recent instability in fee income warrants further investigation into the underlying drivers of these fluctuations. If this volatility persists, it may undermine the bank's valuation premium, which is historically predicated on the stability of its wealth management and trust operations.
Quick answers to the most common questions about buying MTB-PJ stock.
M&T Bank Corporation (MTB-PJ) is profitable, generating $2.85B in net income for the fiscal year ending 2025 with a net profit margin of 23.2%.
M&T Bank Corporation (MTB-PJ) reported an operating income of $3.69B, resulting in an operating profit margin of 30.0%. This margin reflects the operational efficiency of the business before interest and taxes.
M&T Bank Corporation (MTB-PJ) generated $9.19B in gross profit for the year, representing a gross profit margin of 74.6%. This demonstrates the company's core pricing power and production efficiency.