Net interest income has remained flat between $1.7B and $1.8B over the last ten quarters, while the efficiency ratio has experienced significant volatility, fluctuating between 38.4% and 54.2%.
| 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 portfolio concentration
According to the provided quarterly data, M&T Bank's net interest income has remained remarkably flat at $1.7B to $1.8B over the last ten quarters, suggesting that the bank's asset-sensitive loan book has struggled to capture meaningful incremental growth despite the prevailing interest rate environment.
The lack of NII expansion indicates that rising funding costs are likely offsetting the yield benefits from the commercial loan portfolio. Investors should monitor whether the bank's deposit beta remains elevated, as this would continue to compress the net interest income ceiling.
As reported in financial statements, M&T Bank's efficiency ratio has fluctuated between 38.4% and 54.2% over the past ten quarters, reflecting the operational friction associated with the integration of the People's United acquisition and ongoing investments in the bank's decentralized regional operating model.
The spike to 54.2% in 2025Q3 appears to be an outlier, likely driven by non-recurring integration costs rather than structural inefficiency. Maintaining an efficiency ratio below 45% remains critical for the bank to preserve its historical valuation premium relative to regional peers.
Based on the reported figures, provision expenses have shown significant variance, including a notable negative provision of $794M in 2025Q3, which complicates the assessment of the bank's underlying credit risk and the adequacy of its allowance for credit losses under the CECL accounting standard.
This extreme volatility in provision expense suggests that management may be adjusting reserves based on shifting macroeconomic forecasts rather than purely realized loan losses. Analysts should scrutinize the relationship between these provision swings and the actual net charge-off rates to determine if the bank is over-provisioning.
Data from recent filings reveals that non-interest fee income has been inconsistent, with a sharp negative contribution in 2025Q3, highlighting the inherent volatility in the bank's mortgage banking and trust segments when subjected to rapid shifts in interest rate and market valuations.
The reliance on transactional fee income introduces earnings variability that is not present in the core net interest income stream. Investors should evaluate whether the bank's fee-based businesses can provide a reliable hedge against potential compression in net interest margins during future rate cycles.
Quick answers to the most common questions about buying MTB stock.
M&T Bank Corporation (MTB) 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) 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) 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.