M&T Bank Corporation (NYSE: MTB) is a financial holding company headquartered in Buffalo, New York, offering a range of banking products and services across the eastern United States.

The company’s financial condition has shown signs of decline. In the fourth quarter of 2024, M&T reported a net income of $681 million, a decrease of 41% from $1.2 billion in the third quarter of 2024 and an increase of 41% compared to $482 million in the fourth quarter of 2023. For the full year 2024, net income totaled $2.59 billion, down 6% from $2.74 billion in 2023. The diluted earnings per share (EPS) for the fourth quarter were $3.86, compared to $4.02 in the previous quarter and $2.74 in the same quarter last year.

Net interest income was $1.73 billion in the fourth quarter, slightly rising from $1.72 billion in the third quarter and down from $1.74 billion a year ago. The net interest margin decreased to 3.58% from 3.62% in the previous quarter. Noninterest income also rose to $657 million, compared to $606 million in the third quarter and $578 million in the prior year’s fourth quarter. The efficiency ratio for the fourth quarter stood at 56.8%, which is a decline from 55.0% in the preceding quarter and improved from 62.1% year-over-year.

M&T’s provision for credit losses in the fourth quarter was $140 million, up from $120 million in the third quarter and down from $225 million in the same quarter last year. Nonaccrual loans decreased to $1.69 billion, down 12% from $1.93 billion at the end of the third quarter and down 22% from $2.17 billion a year ago. The net charge-offs for the fourth quarter were $160 million, which compares to $120 million in the third quarter and $148 million in the fourth quarter of 2023. M&T Bank’s common equity tier 1 capital (CET1) ratio was 11.67% at the end of the quarter, up from 11.54% in the third quarter.

In the full year 2024, M&T’s total revenues decreased to $9.28 billion from $9.64 billion in 2023. Total noninterest expenses also fell slightly to $5.36 billion from $5.38 billion in the previous year. The net operating income in 2024 decreased to $2.63 billion from $2.79 billion in 2023.

Overall, M&T experienced fluctuations in its financial metrics during the fourth quarter and full year of 2024, reflecting a considerable decline in net income and superior efficiency compared to previous periods. The bank reported a reduced noninterest expense alongside fluctuations in interest income and solid performance in noninterest income categories, but the overall trajectory indicates a challenging environment for the institution.