Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 21, 2009, M&T Bank Corporation ( MTB) reported a 68.2% decline in its Q1 FY09 earnings, on lower interest and non-interest income coupled with higher provision for credit losses. Earnings decreased to $64.22 million, or $0.49 per share, from $202.20 million, or $1.82 per share, in Q1 FY08. Excluding one-time items, earnings fell 65.2% to $75.03 million, or $0.59 per share, which missed the consensus estimate of $0.71 per share. Interest income fell 26.0% to $654.51 million from $884.16 million a year earlier, due to reduced yields on its earnings assets. The yield on average earnings assets dropped 155 basis points to 4.65%, and average total earnings assets dipped 0.4% to $57.51 million. Interest expense plunged 49.0% to $206.71 million from $405.31 million, as cost of interest-bearing liabilities decreased 152 basis points to 1.74%. Consequently, net interest income before provisions for credit losses declined 6.5% to $447.81 million from $478.85 million. Net interest margin decreased to 3.19% from 3.38%, and the net interest spread narrowed marginally to 2.91% from 2.94% in the prior year's quarter. Non-interest income totaled $232.34 million, a decrease of 25.7% year-over-year, hurt by losses on bank investment securities. Moreover, the efficiency ratio declined 583 basis points to 58.68%. Provision for credit losses more than doubled to $158.00 million from $60.00 million in the year-ago quarter. Net charge-offs to average total net loans (annualized) increased to 0.83% from 0.38%, while total non-accrual loans surged 110.3% to $1.00 billion. Non-accrual loans to total net loans also increased to 2.05% from 0.97%. Moreover, the allowance for credit losses totaled $845.97 million, or 1.73% of total net loans, compared to $773.62 million, or 1.57%, a year earlier.