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M & T Bank Corporation INVESTOR CONTACT : Donald J. MacLeod ( 716 ) 842-5138 FOR IMMEDIATE RELEASE : April 19 , 2021 MEDIA CONTACT : Maya Dillon ( 212 ) 415-0557 M & T BANK CORPORATION ANNOUNCES FIRST QUARTER RESULTS BUFFALO , NEW YORK -- M & T Bank Corporation ( “ M & T ” ) ( NYSE : MTB ) today reported its results of operations for the quarter ended March 31 , 2021 . GAAP Results of Operations . Diluted earnings per common share measured in accordance with generally accepted accounting principles ( “ GAAP ” ) were $ 3.33 in the first quarter of 2021 , compared with $ 1.93 in the year - earlier quarter and $ 3.52 in the fourth quarter of 2020. GAAP - basis net income was $ 447 million in the recent quarter , $ 269 million in the first quarter of 2020 and $ 471 million in the final 2020 quarter . GAAP - basis net income in the initial 2021 quarter expressed as an annualized rate of return on average assets and average common shareholders ' equity was 1.22 % and 11.57 % , respectively , compared with .90 % and 7.00 % , respectively , in the corresponding 2020 period and 1.30 % and 12.07 % , respectively , in the fourth quarter of 2020. Included in noninterest expenses in the recent quarter were merger - related expenses associated with M & T's proposed acquisition of People's United Financial , Inc. of $ 10 million ( $ 8 million after tax - effect , or $ .06 of diluted earnings per common share ) . Commenting on M & T's results for the recent quarter , Darren J. King , Executive Vice President and Chief Financial Officer , stated , " We are pleased with our results for the first three months of the year . The residential mortgage banking and trust businesses had strong revenue growth and expense levels were well - contained after considering the usual seasonal increase in salaries and employee benefits expenses . Our outlook on forecasted credit losses improved considerably . M & T's capital position remains solid , with the Common Equity Tier 1 Capital Ratio growing to 10.4 % at March 31 , 2021 from 10.0 % at the end of 2020. " Earnings Highlights ( $ in millions , except per share data ) 1Q21 1Q20 4Q20 Change 1Q21 vs. 1Q20 4Q20 Net income 447 $ 269 $ 471 66 % -5 % Net income available to common shareholders - diluted $ 428 $ 251 $ 452 71 % -5 % Diluted earnings per common share $ Annualized return on average assets Annualized return on average common equity 3.33 1.22 % 11.57 % $ 1.93 $ 3.52 73 % -5 % .90 % 1.30 % 7.00 % 12.07 %