# M&T Bank Corporation (MTB) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MTB/thesis · /stocks/MTB/memo

## Financial Snapshot

---
ticker: MTB
step: 04
generated: 2026-05-12
source: quick-research
---

### M&T Bank Corporation (MTB) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue (total) | $7.66B | $9.00B | $8.67B | -3.7% |
| Net Interest Margin | ~3.9% | ~3.8% | ~3.6% | |
| Efficiency Ratio | ~60% | ~57% | ~55% | |
| Net Income | ~$1.85B | $2.74B | $2.45B | -10.6% |
| EPS (diluted) | $11.53 | $15.79 | $14.64 | -7.3% |

*Note: Revenue growth in 2023 reflects the full-year impact of the People's United Bank acquisition (completed Jan 2022). 2024 declined on NIM compression as deposit costs repriced higher.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Net Interest Income | ~$6.0B |
| Noninterest Income | ~$2.43B |
| Total Loans | ~$136B |
| Core Deposits | ~$152B |
| CET1 Ratio | ~11.3% |
| Total Assets | ~$207B |

#### Key Ratios (approximate)
- P/E: ~18x | P/TBV: ~1.6x | Dividend Yield: ~3.0%
- Net Profit Margin (2024): ~28% | ROA: ~1.2% | ROE: ~12%
- Quarterly Dividend: $1.50/share (increased 11% in 2025)

#### Growth Profile
M&T's revenue dipped in 2024 as NIM compressed from peak rates and deposit repricing accelerated. The 2025 operating EPS of $17.20 (+16% YoY) and net operating income of $2.9B (+10%) showed a strong recovery driven by efficiency improvements — efficiency ratio improved from 60.5% (Q1 2025) to 53.6% (Q3 2025). Credit quality improved significantly: nonaccrual loans fell 26% YoY and criticized loans fell 27% YoY in 2025. The bank repurchased 9% of outstanding shares in 2025.

#### Forward Estimates (Management 2026 Guidance)
- 2026 Net Interest Income (TE): $7.2–$7.35B
- 2026 Fee Income: $2.675–$2.775B
- 2026 Total Revenue: ~$10.0B
- 2026 GAAP Expenses: $5.5–$5.6B
- 2026 Average Loans: $140–$142B
- 2026 CET1: 10.25–10.5%

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MTB/fundamental

## Navigation

- Overview: /stocks/MTB
- Financials (this page): /stocks/MTB/financials
- Thesis: /stocks/MTB/thesis
- Investment Memo: /stocks/MTB/memo
- Coverage universe: /stocks