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M&T Bank Corporation (NYSE:MTB) announces second quarter 2025 results
BUFFALO, N.Y., July 16, 2025 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $716 million or $4.24 of diluted earnings per common share. (Dollars in millions, except per share data)2Q251Q252Q24 Earnings Highlights Net interest income$ 1,713$ 1,695$ 1,718 Taxable-equivalent adjustment91213 Net interest income - taxable-equivalent1,7221,7071,731 Provision for credit losses125130150 Noninterest income683611584 Noninterest expense1,3361,4151,297 Net income716584655 Net income available to common shareholders - diluted679547626 Diluted earnings per common share4.243.323.73 Return on average assets - annualized1.37 %1.14 %1.24 % Return on average common shareholders' equity - annualized10.398.369.95 Average Balance Sheet Total assets$ 210,261$ 208,321$ 211,981 Interest-bearing deposits at banks19,69819,69529,294 Investment securities35,33534,48029,695 Loans135,407134,844134,588 Deposits163,406161,220163,491 Borrowings14,26314,15416,452 Selected Ratios (Amounts expressed as a percent, except per share data) Net interest margin3.62 %3.66 %3.59 % Efficiency ratio (1)55.260.555.3 Net charge-offs to average total loans - annualized.32.34.41 Allowance for loan losses to total loans1.611.631.63 Nonaccrual loans to total loans1.161.141.50 Common equity Tier 1 ("CET1") capital ratio (2)10.9811.5011.45 Common shareholders' equity per share$ 166.94$ 163.62$ 153.57 (1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. (2) CET1 capital ratio at June 30, 2025 is estimated. Financial Highlights Taxable-equivalent net interest income increased $15 million in the recent quarter as compared with the first quarter of 2025 reflecting an additional day of earnings, favorable asset repricing and a lower negative impact from interest rate swap agreements used for hedging purposes, partially offset by $20 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. Average loans in the recent quarter reflect higher average balances of consumer and residential real estate loans, partially offset by a decrease in the average balance of commercial real estate loans. Average deposits increased in the recent quarter as compared with the first quarter of 2025, reflecting higher average savings and interest-checking deposits. The increase in noninterest income reflects a rise in residential mortgage banking revenues and trust income as well as gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million. The decline in noninterest expense was primarily attributed to lower salaries and employee benefits expense, reflecting seasonal expense recorded in the first quarter of 2025. Reflecting improved asset quality the allowance for loan losses as a percentage of total loans declined 2 basis points to 1.61% at June 30, 2025. M&T repurchased 6,073,957 shares of its common stock during the recent quarter for a total cost of $1.1 billion, compared with 3,415,303 shares for a total cost of $662 million in the first quarter of 2025. Reflecting repurchases, M&T's CET1 capital ratio declined to an estimated 10.98% at June 30, 2025, representing a 52 basis-point decrease from 11.50% at March 31, 2025. Chief Financial Officer Commentary "M&T's consistent profitability has supported a significant return of capital to shareholders while maintaining resiliency entering the second half of the year. We are thrilled with a reduction of M&T's stress capital buffer and we remain committed to prudent risk management for the benefit of all of our stakeholders. Our teams continue to work with customers each and every day to provide solutions for their financial success. This summer, expect to see M&T employees out in force assisting customers and volunteering in the communities we serve to make a difference in people's lives." - Daryl N. Bible, M&T's Chief Financial Officer Contact: Investor Relations: Steve Wendelboe 716.842.5138 Media Relations: Frank Lentini 929.651.0447 Non-GAAP Measures (1) (Dollars in millions, except per share data)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 Net operating income$ 724$ 59422 %$ 6659 % Diluted net operating earnings per common share4.283.38273.7913 Annualized return on average tangible assets1.44 %1.21 %1.31 % Annualized return on average tangible common equity15.5412.5315.27 Efficiency ratio55.260.555.3 Tangible equity per common share$ 112.48$ 111.131$ 102.4210 ____________________ (1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature. Taxable-equivalent Net Interest Income (Dollars in millions)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 Average earning assets$ 190,535$ 189,1161 %$ 193,676-2 % Average interest-bearing liabilities132,516129,9382132,209— Net interest income - taxable-equivalent1,7221,70711,731-1 Yield on average earning assets5.51 %5.52 %5.82 % Cost of interest-bearing liabilities2.712.703.26 Net interest spread2.802.822.56 Net interest margin3.623.663.59 Taxable-equivalent net interest income increased $15 million, or 1%, in the recent quarter as compared with the first quarter of 2025. Average interest-bearing deposits at banks were essentially unchanged and the yield received on those deposits declined 1 basis point. Average investment securities increased $855 million and the rates earned on those securities decreased 19 basis points reflecting $20 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from an acquisition. Average loans increased $563 million and the yield received on those loans, including the impact from interest rate swap agreements used for hedging purposes, rose 5 basis points. Average interest-bearing deposits increased $2.5 billion and the rates paid on such deposits rose 1 basis point. Average borrowings rose $109 million and the rates paid on such borrowings increased 1 basis point. Taxable-equivalent net interest income decreased $9 million as compared with the year-earlier second quarter. Average interest-bearing deposits at banks decreased $9.6 billion and the yield received on those deposits declined 103 basis points. Average investment securities increased $5.6 billion and the yield earned on those securities rose 20 basis points. Average loans grew $819 million while the yield received on those loans decreased 27 basis points. Average interest-bearing deposits rose $2.5 billion while the rates paid on those deposits declined 52 basis points. Average borrowings decreased $2.2 billion and the rates paid on such borrowings declined 34 basis points. Average Earning Assets (Dollars in millions)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 Interest-bearing deposits at banks$ 19,698$ 19,695— %$ 29,294-33 % Trading account9597-399-4 Investment securities35,33534,480229,69519 Loans Commercial and industrial61,03661,056—58,1525 Real estate - commercial25,33326,259-431,458-19 Real estate - consumer23,68423,176223,0063 Consumer25,35424,353421,97215 Total loans135,407134,844—134,5881 Total earning assets$ 190,535$ 189,1161$ 193,676-2 Average earning assets increased $1.4 billion, or 1%, from the first quarter of 2025. Average interest-bearing deposits at banks were essentially unchanged. Average investment securities increased $855 million primarily due to purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities during the first and second quarters of 2025. Average loans increased $563 million primarily reflective of higher average consumer loans of $1.0 billion, including higher average recreational finance and automobile loans, and an increase in average residential real estate loans of $508 million, partially offset by a decline in average commercial real estate loans of $926 million, reflecting payoffs and the sale of an out-of-footprint residential builder and developer loan portfolio. Average earning assets decreased $3.1 billion, or 2%, from the second quarter of 2024. Average interest-bearing deposits at banks decreased $9.6 billion reflecting purchases of investment securities, lower average balances of borrowings and share repurchases. Average investment securities increased $5.6 billion primarily reflecting purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities since the second quarter of 2024. Average loans increased $819 million resulting from higher average commercial and industrial loans of $2.9 billion, reflecting growth spanning most industry types, and a rise in average consumer loans of $3.4 billion, reflecting higher average balances of recreational finance and automobile loans. Partially offsetting those increases was a $6.1 billion decline in average commercial real estate loans. Average Interest-bearing Liabilities (Dollars in millions)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 Interest-bearing deposits Savings and interest-checking deposits$ 103,963$ 101,5642 %$ 95,9558 % Time deposits14,29014,220—19,802-28 Total interest-bearing deposits118,253115,7842115,7572 Short-term borrowings3,3272,869164,962-33 Long-term borrowings10,93611,285-311,490-5 Total interest-bearing liabilities$ 132,516$ 129,9382$ 132,209—Brokered savings and interest-checking deposits$ 9,921$ 9,991-1 %$ 8,19321 % Brokered time deposits568777-273,826-85 Total brokered deposits$ 10,489$ 10,768-3$ 12,019-13 Average interest-bearing liabilities rose $2.6 billion, or 2%, in the recent quarter as compared with the first quarter of 2025 reflecting an increase in average savings and interest-checking deposits. Average interest-bearing liabilities increased $307 million from the second quarter of 2024. Average interest-bearing deposits rose $2.5 billion. Non-brokered interest-bearing deposits increased $4.0 billion reflecting a $6.3 billion increase in average non-brokered savings and interest-checking deposits, partially offset by a $2.3 billion decline in average non-brokered time deposits. A $1.5 billion decline in average brokered deposits reflected maturities of brokered time deposits, partially offset by higher average balances of brokered savings and interest-checking deposits. Average borrowings decreased $2.2 billion reflecting lower average short-term and long-term borrowings from the FHLB of New York, partially offset by issuances of senior notes and other long-term debt since the second quarter of 2024. Provision for Credit Losses/Asset Quality (Dollars in millions)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 At end of quarter Nonaccrual loans$ 1,573$ 1,5402 %$ 2,024-22 % Real estate and other foreclosed assets3034-1133-7 Total nonperforming assets1,6031,57422,057-22 Accruing loans past due 90 days or more (1)49638429233113 Nonaccrual loans as % of loans outstanding1.16 %1.14 %1.50 %Allowance for loan losses$ 2,197$ 2,200—$ 2,204— Allowance for loan losses as % of loans outstanding1.61 %1.63 %1.63 % Reserve for unfunded credit commitments$ 80$ 6033$ 6033For the period Provision for loan losses$ 105$ 130-19$ 150-30 Provision for unfunded credit commitments20—100—100 Total provision for credit losses125130-4150-17 Net charge-offs108114-5137-21 Net charge-offs as % of average loans (annualized).32 %.34 %.41 % ____________________ (1) Predominantly government-guaranteed residential real estate loans. The provision for credit losses was $125 million in the second quarter of 2025 as compared with $130 million in the immediately preceding quarter and $150 million in the second quarter of 2024. The allowance for loan losses as a percentage of loans outstanding decreased from 1.63% at March 31, 2025 to 1.61% at June 30, 2025 reflecting lower levels of criticized commercial real estate loans. Net charge-offs totaled $108 million in 2025's second quarter as compared with $114 million in 2025's first quarter and $137 million in the year-earlier quarter, representing .32%, .34% and .41%, respectively, of average loans outstanding. Nonaccrual loans were $1.6 billion at June 30, 2025, compared with $1.5 billion at March 31, 2025 and $2.0 billion at June 30, 2024. The lower level of nonaccrual loans at the two most recent quarter ends as compared with June 30, 2024 predominantly reflects decreases in commercial real estate nonaccrual loans. Noninterest Income (Dollars in millions)2Q251Q25Change 2Q25 vs. 1Q252Q24Change 2Q25 vs. 2Q24 Mortgage banking revenues$ 130$ 11811 %$ 10623 % Service charges on deposit accounts13713341278 Trust income18217731707 Brokerage services income3132-1303 Trading account and other non-hedging derivative gains12915768 Gain (loss) on bank investment securities———(8)— Other revenues from operations1911423315225 Total $ 683$ 61112$ 58417 Noninterest income in the second quarter of 2025 increased $72 million, or 12%, from 2025's first quarter. Mortgage banking revenues rose $12 million reflecting increased residential mortgage loan servicing income. Trust income increased $5 million reflecting seasonal tax service fees. Other revenues from operations increased $49 million reflecting a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $10 million gain on the sale of a subsidiary that specialized in institutional services, a rise in merchant discount and credit card fees and higher loan syndication fees in the recent quarter. Noninterest income rose $99 million, or 17%, as compared with the second quarter of 2024. Mortgage banking revenues rose $24 million predominantly due to increased residential mortgage loan servicing income. Service charges on deposit accounts increased $10 million primarily from higher commercial service charges. Trust income increased $12 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses. The loss on bank investment securities in the second quarter of 2024 reflected realized losses on sales of certain non-agency investment securities. Other revenues from operations increased $39 million reflecting a $15 million gain on the sale of an out-of-footprint loan portfolio, a $10 million gain on the sale of a subsidiary that specialized in institutional services and an increase in letter of credit and other credit-related fees. Noninterest Expense (Dollars in millions)2Q251Q25Change2Q25 vs. 1Q252Q24Change2Q25 vs. 2Q24 Salaries and employee benefits$ 813$ 887-8 %$ 7646 % Equipment and net occupancy130132-21254 Outside data processing and software138136112411 Professional and other services8684491-4 FDIC assessments2223-737-41 Advertising and marketing25221427-7 Amortization of core deposit and other intangible assets913-2713-24 Other costs of operations113118-5116-3 Total $ 1,336$ 1,415-6$ 1,2973 Noninterest expense declined $79 million, or 6%, from the first quarter of 2025. Salaries and employee benefits expense decreased $74 million, reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2025, partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2025 and an additional working day in the recent quarter. Noninterest expense increased $39 million, or 3%, from the second quarter of 2024. Salaries and employee benefits expense increased $49 million reflecting annual merit and other increases, higher average employee staffing levels and a rise in medical benefits expense. Outside data processing and software costs rose $14 million reflecting higher software maintenance expenses. The decrease in FDIC assessments reflects a lower level of criticized loans and a special assessment expense of $5 million in the second quarter of 2024. Income Taxes The Company's effective income tax rate was 23.4% in each of the second quarters of 2025 and 2024, compared with 23.2% in the first quarter of 2025. Capital 2Q251Q252Q24 CET110.98 % (1) 11.50 %11.45 % Tier 1 capital12.50 (1) 13.0413.23 Total capital13.96 (1) 14.5014.88 Tangible capital – common8.678.958.55 ____________________ (1) Capital ratios at June 30, 2025 are estimated. M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $215 million and $35 million, respectively, for the quarter ended June 30, 2025. M&T's current stress capital buffer is 3.8%. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests, in which M&T elected to participate. Based on those results, M&T's stress capital buffer is estimated to be 2.7% effective October 1, 2025. The CET1 capital ratio for M&T was estimated at 10.98% as of June 30, 2025. M&T's total risk-weighted assets at June 30, 2025 are estimated to be $158.2 billion. M&T repurchased 6,073,957 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $175.93 resulting in a total cost, including the share repurchase excise tax, of $1.1 billion, compared with 3,415,303 shares at an average cost per share of $192.06 and a total cost, including the share repurchase excise tax, of $662 million in the first quarter of 2025. No share repurchases occurred in the second quarter of 2024. Conference Call Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ225. The conference call will be webcast live through M&T's website at A replay of the call will be available through Wednesday July 23, 2025 by calling (800) 688-9459 or (402) 220-1373 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at About M&T M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit Forward-Looking Statements This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Financial Highlights Three Months EndedSix Months EndedJune 30,June 30, (Dollars in millions, except per share, shares in thousands) 20252024Change20252024Change PerformanceNet income $ 716$ 6559 %$ 1,300$ 1,18610 % Net income available to common shareholders 67962681,2261,1318 Per common share:Basic earnings 4.263.75147.586.7912 Diluted earnings 4.243.73147.556.7612 Cash dividends 1.351.35—2.702.652 Common shares outstanding:Average - diluted (1) 160,005167,659-5162,511167,372-3 Period end (2) 156,532167,225-6156,532167,225-6 Return on (annualized):Average total assets 1.37 %1.24 %1.25 %1.13 % Average common shareholders' equity 10.399.959.379.05 Taxable-equivalent net interest income $ 1,722$ 1,731-1$ 3,429$ 3,423— Yield on average earning assets 5.51 %5.82 %5.51 %5.78 % Cost of interest-bearing liabilities 2.713.262.713.26 Net interest spread 2.802.562.802.52 Contribution of interest-free funds .821.03.841.04 Net interest margin 3.623.593.643.56 Net charge-offs to average total net loans (annualized) .32.41.33.41 Net operating results (3)Net operating income $ 724$ 6659$ 1,318$ 1,2089 Diluted net operating earnings per common share 4.283.79137.666.8911 Return on (annualized):Average tangible assets 1.44 %1.31 %1.32 %1.20 % Average tangible common equity 15.5415.2714.0313.99 Efficiency ratio 55.255.357.858.0At June 30,Loan quality 20252024Change Nonaccrual loans $ 1,573$ 2,024-22 % Real estate and other foreclosed assets 3033-7 Total nonperforming assets $ 1,603$ 2,057-22 Accruing loans past due 90 days or more (4) $ 496$ 233113 Government guaranteed loans included in totals above:Nonaccrual loans $ 75$ 6417 Accruing loans past due 90 days or more 450215110 Nonaccrual loans to total loans 1.16 %1.50 % Allowance for loan losses to total loans 1.611.63 Additional informationPeriod end common stock price $ 193.99$ 151.3628 Domestic banking offices 941957-2 Full time equivalent employees 22,59022,1102 ____________________ (1) Includes common stock equivalents. (2) Includes common stock issuable under deferred compensation plans. (3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein. (4) Predominantly government-guaranteed residential real estate loans. Financial Highlights, Five Quarter Trend Three Months EndedJune 30,March 31,December 31,September 30,June 30, (Dollars in millions, except per share, shares in thousands) 20252025202420242024 PerformanceNet income $ 716$ 584$ 681$ 721$ 655 Net income available to common shareholders 679547644674626 Per common share:Basic earnings 4.263.333.884.043.75 Diluted earnings 4.243.323.864.023.73 Cash dividends 1.351.351.351.351.35 Common shares outstanding:Average - diluted (1) 160,005165,047166,969167,567167,659 Period end (2) 156,532162,552165,526166,157167,225 Return on (annualized):Average total assets 1.37 %1.14 %1.28 %1.37 %1.24 % Average common shareholders' equity 10.398.369.7510.269.95 Taxable-equivalent net interest income $ 1,722$ 1,707$ 1,740$ 1,739$ 1,731 Yield on average earning assets 5.51 %5.52 %5.60 %5.82 %5.82 % Cost of interest-bearing liabilities 2.712.702.943.223.26 Net interest spread 2.802.822.662.602.56 Contribution of interest-free funds .82.84.921.021.03 Net interest margin 3.623.663.583.623.59 Net charge-offs to average total net loans (annualized) .32.34.47.35.41 Net operating results (3)Net operating income $ 724$ 594$ 691$ 731$ 665 Diluted net operating earnings per common share 4.283.383.924.083.79 Return on (annualized):Average tangible assets 1.44 %1.21 %1.35 %1.45 %1.31 % Average tangible common equity 15.5412.5314.6615.4715.27 Efficiency ratio 55.260.556.855.055.3June 30,March 31,December 31,September 30,June 30, Loan quality 20252025202420242024 Nonaccrual loans $ 1,573$ 1,540$ 1,690$ 1,926$ 2,024 Real estate and other foreclosed assets 3034353733 Total nonperforming assets $ 1,603$ 1,574$ 1,725$ 1,963$ 2,057 Accruing loans past due 90 days or more (4) $ 496$ 384$ 338$ 288$ 233 Government guaranteed loans included in totals above:Nonaccrual loans 7569696964 Accruing loans past due 90 days or more 450368318269215 Nonaccrual loans to total loans 1.16 %1.14 %1.25 %1.42 %1.50 % Allowance for loan losses to total loans 1.611.631.611.621.63 Additional informationPeriod end common stock price $ 193.99$ 178.75$ 188.01$ 178.12$ 151.36 Domestic banking offices 941955955957957 Full time equivalent employees 22,59022,29122,10121,98622,110 ____________________ (1) Includes common stock equivalents. (2) Includes common stock issuable under deferred compensation plans. (3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein. (4) Predominantly government-guaranteed residential real estate loans. Condensed Consolidated Statement of Income Three Months EndedSix Months EndedJune 30,June 30, (Dollars in millions) 20252024Change20252024Change Interest income $ 2,609$ 2,789-6 %$ 5,169$ 5,534-7 % Interest expense 8961,071-161,7612,136-18 Net interest income 1,7131,718—3,4083,398— Provision for credit losses 125150-17255350-27 Net interest income after provision for credit losses 1,5881,56813,1533,0483 Other incomeMortgage banking revenues 1301062324821018 Service charges on deposit accounts 13712782702518 Trust income 18217073593309 Brokerage services income 3130363596 Trading account and other non-hedging derivative gains 12768211630 Gain (loss) on bank investment securities —(8)——(6)— Other revenues from operations 191152253333049 Total other income 683584171,2941,16411 Other expenseSalaries and employee benefits 81376461,7001,5976 Equipment and net occupancy 13012542622543 Outside data processing and software 1381241127424412 Professional and other services 8691-4170176-3 FDIC assessments 2237-414597-53 Advertising and marketing 2527-74747-1 Amortization of core deposit and other intangible assets 913-242228-18 Other costs of operations 113116-3231250-8 Total other expense 1,3361,29732,7512,6932 Income before taxes 93585591,6961,51912 Income taxes 219200939633319 Net income $ 716$ 6559 %$ 1,300$ 1,18610 % Condensed Consolidated Statement of Income, Five Quarter Trend Three Months EndedJune 30,March 31,December 31,September 30,June 30, (Dollars in millions) 20252025202420242024 Interest income $ 2,609$ 2,560$ 2,707$ 2,785$ 2,789 Interest expense 8968659791,0591,071 Net interest income 1,7131,6951,7281,7261,718 Provision for credit losses 125130140120150 Net interest income after provision for credit losses 1,5881,5651,5881,6061,568 Other incomeMortgage banking revenues 130118117109106 Service charges on deposit accounts 137133131132127 Trust income 182177175170170 Brokerage services income 3132303230 Trading account and other non-hedging derivative gains 12910137 Gain (loss) on bank investment securities ——18(2)(8) Other revenues from operations 191142176152152 Total other income 683611657606584 Other expenseSalaries and employee benefits 813887790775764 Equipment and net occupancy 130132133125125 Outside data processing and software 138136125123124 Professional and other services 8684808891 FDIC assessments 2223242537 Advertising and marketing 2522302727 Amortization of core deposit and other intangible assets 913131213 Other costs of operations 113118168128116 Total other expense 1,3361,4151,3631,3031,297 Income before taxes 935761882909855 Income taxes 219177201188200 Net income $ 716$ 584$ 681$ 721$ 655 Condensed Consolidated Balance Sheet June 30, (Dollars in millions) 20252024Change ASSETSCash and due from banks $ 2,128$ 1,77820 % Interest-bearing deposits at banks 19,29724,792-22 Trading account 9399-6 Investment securities 35,56829,89419 Loans:Commercial and industrial 61,66060,0273 Real estate - commercial 24,56729,532-17 Real estate - consumer 24,11723,0035 Consumer 25,77222,44015 Total loans 136,116135,0021 Less: allowance for loan losses 2,1972,204— Net loans 133,919132,7981 Goodwill 8,4658,465— Core deposit and other intangible assets 84119-30 Other assets 12,03010,91010 Total assets $ 211,584$ 208,8551 % LIABILITIES AND SHAREHOLDERS' EQUITYNoninterest-bearing deposits $ 47,485$ 47,729-1 % Interest-bearing deposits 116,968112,1814 Total deposits 164,453159,9103 Short-term borrowings 2,0714,764-57 Long-term borrowings 12,38011,3199 Accrued interest and other liabilities 4,1554,438-6 Total liabilities 183,059180,4311 Shareholders' equity:Preferred 2,3942,744-13 Common 26,13125,6802 Total shareholders' equity 28,52528,424— Total liabilities and shareholders' equity $ 211,584$ 208,8551 % Condensed Consolidated Balance Sheet, Five Quarter Trend June 30,March 31,December 31,September 30,June 30, (Dollars in millions) 20252025202420242024 ASSETSCash and due from banks $ 2,128$ 2,109$ 1,909$ 2,216$ 1,778 Interest-bearing deposits at banks 19,29720,65618,87324,41724,792 Trading account 939610110299 Investment securities 35,56835,13734,05132,32729,894 Loans:Commercial and industrial 61,66060,59661,48161,01260,027 Real estate - commercial 24,56725,86726,76428,68329,532 Real estate - consumer 24,11723,28423,16623,01923,003 Consumer 25,77224,82724,17023,20622,440 Total loans 136,116134,574135,581135,920135,002 Less: allowance for loan losses 2,1972,2002,1842,2042,204 Net loans 133,919132,374133,397133,716132,798 Goodwill 8,4658,4658,4658,4658,465 Core deposit and other intangible assets 849394107119 Other assets 12,03011,39111,21510,43510,910 Total assets $ 211,584$ 210,321$ 208,105$ 211,785$ 208,855 LIABILITIES AND SHAREHOLDERS' EQUITYNoninterest-bearing deposits $ 47,485$ 49,051$ 46,020$ 47,344$ 47,729 Interest-bearing deposits 116,968116,358115,075117,210112,181 Total deposits 164,453165,409161,095164,554159,910 Short-term borrowings 2,0711,5731,0602,6054,764 Long-term borrowings 12,38010,49612,60511,58311,319 Accrued interest and other liabilities 4,1553,8524,3184,1674,438 Total liabilities 183,059181,330179,078182,909180,431 Shareholders' equity:Preferred 2,3942,3942,3942,3942,744 Common 26,13126,59726,63326,48225,680 Total shareholders' equity 28,52528,99129,02728,87628,424 Total liabilities and shareholders' equity $ 211,584$ 210,321$ 208,105$ 211,785$ 208,855 Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates Three Months EndedChange in BalanceSix Months EndedJune 30,March 31,June 30,June 30, 2025 fromJune 30,Change202520252024March 31,June 30,20252024in (Dollars in millions) BalanceRateBalanceRateBalanceRate20252024BalanceRateBalance RateBalance ASSETSInterest-bearing deposits at banks $ 19,6984.47 %$ 19,6954.48 %$ 29,2945.50 %— %-33 %$ 19,6974.48 %$ 29,9715.50 %-34 % Trading account 953.46973.42993.47-3-4963.441023.45-6 Investment securities (1) 35,3353.8134,4804.0029,6953.6121934,9093.9029,1413.4620 Loans:Commercial and industrial 61,0366.4061,0566.3658,1527.04—561,0466.3857,4867.016 Real estate - commercial 25,3336.3126,2596.1631,4586.38-4-1925,7946.2432,0776.37-20 Real estate - consumer 23,6844.5223,1764.4423,0064.322323,4314.4823,0714.302 Consumer 25,3546.5724,3536.5721,9726.6141524,8566.5721,5586.5815 Total loans 135,4076.11134,8446.06134,5886.38—1135,1276.08134,1926.351 Total earning assets 190,5355.51189,1165.52193,6765.821-2189,8295.51193,4065.78-2 Goodwill 8,4658,4658,465——8,4658,465— Core deposit and other intangible assets 8992126-4-3090133-32 Other assets 11,17210,6489,71451510,9129,72512 Total assets $ 210,261$ 208,321$ 211,9811 %-1 %$ 209,296$ 211,729-1 % LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing depositsSavings and interest-checking deposits $ 103,9632.24 %$ 101,5642.20 %$ 95,9552.59 %2 %8 %$ 102,7702.22 %$ 95,4112.60 %8 % Time deposits 14,2903.4514,2203.5419,8024.41—-2814,2553.5020,1924.41-29 Total interest-bearing deposits 118,2532.38115,7842.37115,7572.9022117,0252.38115,6032.911 Short-term borrowings 3,3274.492,8694.524,9625.6216-333,1004.515,5955.51-45 Long-term borrowings 10,9365.7211,2855.6511,4905.83-3-511,1095.6910,6315.824 Total interest-bearing liabilities 132,5162.71129,9382.70132,2093.262—131,2342.71131,8293.26— Noninterest-bearing deposits 45,15345,43647,734-1-545,29448,175-6 Other liabilities 3,9263,9494,293-1-93,9374,343-9 Total liabilities 181,595179,323184,2361-1180,465184,347-2 Shareholders' equity 28,66628,99827,745-1328,83127,3825 Total liabilities and shareholders' equity $ 210,261$ 208,321$ 211,9811 %-1 %$ 209,296$ 211,729-1 % Net interest spread 2.802.822.562.802.52 Contribution of interest-free funds .82.841.03.841.04 Net interest margin 3.62 %3.66 %3.59 %3.64 %3.56 % ____________________ (1) Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. Reconciliation of Quarterly GAAP to Non-GAAP Measures Three Months EndedSix Months EndedJune 30,June 30,2025202420252024 (Dollars in millions, except per share)Income statement dataNet incomeNet income $ 716$ 655$ 1,300$ 1,186 Amortization of core deposit and other intangible assets (1) 8101822 Net operating income $ 724$ 665$ 1,318$ 1,208 Earnings per common shareDiluted earnings per common share $ 4.24$ 3.73$ 7.55$ 6.76 Amortization of core deposit and other intangible assets (1) .04.06.11.13 Diluted net operating earnings per common share $ 4.28$ 3.79$ 7.66$ 6.89 Other expenseOther expense $ 1,336$ 1,297$ 2,751$ 2,693 Amortization of core deposit and other intangible assets (9)(13)(22)(28) Noninterest operating expense $ 1,327$ 1,284$ 2,729$ 2,665 Efficiency ratioNoninterest operating expense (numerator) $ 1,327$ 1,284$ 2,729$ 2,665 Taxable-equivalent net interest income $ 1,722$ 1,731$ 3,429$ 3,423 Other income 6835841,2941,164 Less: Gain (loss) on bank investment securities —(8)—(6) Denominator $ 2,405$ 2,323$ 4,723$ 4,593 Efficiency ratio 55.2 %55.3 %57.8 %58.0 % Balance sheet dataAverage assetsAverage assets $ 210,261$ 211,981$ 209,296$ 211,729 Goodwill (8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (89)(126)(90)(133) Deferred taxes 26302632 Average tangible assets $ 201,733$ 203,420$ 200,767$ 203,163 Average common equityAverage total equity $ 28,666$ 27,745$ 28,831$ 27,382 Preferred stock (2,394)(2,405)(2,394)(2,208) Average common equity 26,27225,34026,43725,174 Goodwill (8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (89)(126)(90)(133) Deferred taxes 26302632 Average tangible common equity $ 17,744$ 16,779$ 17,908$ 16,608 At end of quarterTotal assetsTotal assets $ 211,584$ 208,855 Goodwill (8,465)(8,465) Core deposit and other intangible assets (84)(119) Deferred taxes 2531 Total tangible assets $ 203,060$ 200,302 Total common equityTotal equity $ 28,525$ 28,424 Preferred stock (2,394)(2,744) Common equity 26,13125,680 Goodwill (8,465)(8,465) Core deposit and other intangible assets (84)(119) Deferred taxes 2531 Total tangible common equity $ 17,607$ 17,127 ____________________ (1) After any related tax effect. Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend Three Months EndedJune 30,March 31,December 31,September 30,June 30,20252025202420242024 (Dollars in millions, except per share)Income statement dataNet incomeNet income $ 716$ 584$ 681$ 721$ 655 Amortization of core deposit and other intangible assets (1) 810101010 Net operating income $ 724$ 594$ 691$ 731$ 665 Earnings per common shareDiluted earnings per common share $ 4.24$ 3.32$ 3.86$ 4.02$ 3.73 Amortization of core deposit and other intangible assets (1) .04.06.06.06.06 Diluted net operating earnings per common share $ 4.28$ 3.38$ 3.92$ 4.08$ 3.79 Other expenseOther expense $ 1,336$ 1,415$ 1,363$ 1,303$ 1,297 Amortization of core deposit and other intangible assets (9)(13)(13)(12)(13) Noninterest operating expense $ 1,327$ 1,402$ 1,350$ 1,291$ 1,284 Efficiency ratioNoninterest operating expense (numerator) $ 1,327$ 1,402$ 1,350$ 1,291$ 1,284 Taxable-equivalent net interest income $ 1,722$ 1,707$ 1,740$ 1,739$ 1,731 Other income 683611657606584 Less: Gain (loss) on bank investment securities ——18(2)(8) Denominator $ 2,405$ 2,318$ 2,379$ 2,347$ 2,323 Efficiency ratio 55.2 %60.5 %56.8 %55.0 %55.3 % Balance sheet dataAverage assetsAverage assets $ 210,261$ 208,321$ 211,853$ 209,581$ 211,981 Goodwill (8,465)(8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (89)(92)(100)(113)(126) Deferred taxes 2627292830 Average tangible assets $ 201,733$ 199,791$ 203,317$ 201,031$ 203,420 Average common equityAverage total equity $ 28,666$ 28,998$ 28,707$ 28,725$ 27,745 Preferred stock (2,394)(2,394)(2,394)(2,565)(2,405) Average common equity 26,27226,60426,31326,16025,340 Goodwill (8,465)(8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (89)(92)(100)(113)(126) Deferred taxes 2627292830 Average tangible common equity $ 17,744$ 18,074$ 17,777$ 17,610$ 16,779 At end of quarterTotal assetsTotal assets $ 211,584$ 210,321$ 208,105$ 211,785$ 208,855 Goodwill (8,465)(8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (84)(93)(94)(107)(119) Deferred taxes 2526283031 Total tangible assets $ 203,060$ 201,789$ 199,574$ 203,243$ 200,302 Total common equityTotal equity $ 28,525$ 28,991$ 29,027$ 28,876$ 28,424 Preferred stock (2,394)(2,394)(2,394)(2,394)(2,744) Common equity 26,13126,59726,63326,48225,680 Goodwill (8,465)(8,465)(8,465)(8,465)(8,465) Core deposit and other intangible assets (84)(93)(94)(107)(119) Deferred taxes 2526283031 Total tangible common equity $ 17,607$ 18,065$ 18,102$ 17,940$ 17,127 ____________________ (1) After any related tax effect. 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Finextra
an hour ago
- Business
- Finextra
Wagestream buys pension tech provider Zippen
UK workplace finance and wellbeing app Wagestream has bought pensions technology company Zippen. Financial terms were not disclosed. 0 Launched in 2018, Wagestream enables three million people - mainly shift and frontline workers - in the UK, Europe and the US to access an interactive payslip, choose when to get paid, save for a rainy day, save money on bills and get debt advice. By acquiring Zippen, which helps people take control of their pensions and plan for retirement, Wagestream is adding another product to its offering. Zippen's understanding of the UK pensions landscape - where an estimated £31.1 billion in pension assets remains unclaimed - makes it a valuable addition, says Wagestream, because low and middle-income employees hold twice as many unclaimed pension pots as the average UK worker. Peter Briffett, CEO, Wagestream, says: 'We are in the midst of an evolution in the way financial support is provided to workers. Thousands of employers are realising that holistic financial wellbeing - from today's pay to long-term planning - isn't just a perk, but a driver of engagement, loyalty and productivity. "With Zippen joining the Wagestream Group, we are strengthening our expertise and furthering our mission to help people take control of their financial lives.'
Yahoo
2 hours ago
- Business
- Yahoo
Unveiling 3 Undiscovered Gems in the Middle East Market
The Middle East market has recently experienced a positive shift, with most Gulf bourses rising due to encouraging U.S. economic data and ongoing trade talks, leading to renewed investor confidence particularly in the financial and real estate sectors. In this dynamic environment, identifying promising stocks often involves looking for companies that can capitalize on regional economic trends and demonstrate resilience amidst global uncertainties. Name Debt To Equity Revenue Growth Earnings Growth Health Rating Baazeem Trading 8.48% -2.02% -2.70% ★★★★★★ MOBI Industry 6.50% 5.60% 24.00% ★★★★★★ Sure Global Tech NA 11.95% 18.65% ★★★★★★ Nofoth Food Products NA 15.75% 27.63% ★★★★★★ Etihad Atheeb Telecommunication 1.05% 36.24% 62.25% ★★★★★★ Najran Cement 14.20% -2.87% -22.60% ★★★★★★ National General Insurance (P.J.S.C.) NA 14.55% 29.05% ★★★★★☆ National Corporation for Tourism and Hotels 19.25% 0.67% 4.89% ★★★★☆☆ National Environmental Recycling 69.43% 43.47% 32.77% ★★★★☆☆ Saudi Chemical Holding 79.49% 16.57% 44.01% ★★★★☆☆ Click here to see the full list of 221 stocks from our Middle Eastern Undiscovered Gems With Strong Fundamentals screener. Here's a peek at a few of the choices from the screener. Simply Wall St Value Rating: ★★★★★☆ Overview: Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S. operates in the transportation sector, focusing on railroads, with a market capitalization of TRY27.23 billion. Operations: The company generates revenue primarily from its rail transportation segment, amounting to TRY8.43 billion. Gür-Sel Turizm, a notable player in the Middle East's transportation sector, showcases a robust financial position with cash surpassing its total debt. The company's interest payments are comfortably covered by EBIT at 68.5 times, reflecting strong earnings quality. Despite reporting TRY 2,422 million in sales for Q1 2025 compared to TRY 2,318 million the previous year, net income slightly dipped to TRY 583.8 million from TRY 594.71 million. Trading at approximately 61% below estimated fair value suggests potential undervaluation amidst recent negative earnings growth of -19.3%, aligning with industry trends over the past year. Click here to discover the nuances of Gür-Sel Turizm Tasimacilik ve Servis Ticaret with our detailed analytical health report. Gain insights into Gür-Sel Turizm Tasimacilik ve Servis Ticaret's past trends and performance with our Past report. Simply Wall St Value Rating: ★★★★★☆ Overview: Mohammed Hadi Al-Rasheed Company specializes in the production of silica sand for various industrial applications, with a market capitalization of SAR1.67 billion. Operations: The company's primary revenue stream is from sales, contributing SAR273.90 million, while contracting adds SAR33.12 million. Mohammed Hadi Al-Rasheed, a promising player in the Middle East, showcases strong financial health with earnings growth of 80.6% over the past year, outpacing its industry peers by a notable margin. The company is trading at 43.6% below its estimated fair value, suggesting potential upside for investors. Despite recent share price volatility, its interest payments are impressively covered by EBIT at 92.7 times over, indicating robust financial management. Additionally, the board's decision to distribute SAR 24 million in dividends reflects confidence in sustained profitability and shareholder value creation moving forward. Get an in-depth perspective on Mohammed Hadi Al-Rasheed's performance by reading our health report here. Review our historical performance report to gain insights into Mohammed Hadi Al-Rasheed's's past performance. Simply Wall St Value Rating: ★★★★☆☆ Overview: Tiv Taam Holdings 1 Ltd. is involved in the production, marketing, and importation of food products in Israel with a market capitalization of ₪883.81 million. Operations: Tiv Taam Holdings 1 derives its revenue primarily from two segments: retail, generating ₪1.59 billion, and the manufacture, import, and marketing of food products, contributing ₪390.17 million. Tiv Taam Holdings, a small player in the Middle Eastern market, showcases impressive earnings growth of 55.1% over the past year, outpacing its industry peers. With a price-to-earnings ratio of 15.1x below the IL market average, it presents an attractive valuation. The company is debt-free now compared to five years ago when its debt-to-equity ratio was 87.3%, indicating improved financial health. Despite a slight dip in earnings by 0.9% annually over five years, recent results show net income rising to ILS 11 million from ILS 10 million last year and basic EPS climbing to ILS 0.1 from ILS 0.09. Navigate through the intricacies of Tiv Taam Holdings 1 with our comprehensive health report here. Learn about Tiv Taam Holdings 1's historical performance. Click this link to deep-dive into the 221 companies within our Middle Eastern Undiscovered Gems With Strong Fundamentals screener. Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks. Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include IBSE:GRSEL SASE:9601 and TASE:TTAM. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
