M&Tバンクの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 18, 2024

___________________________________

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


	New York
(State or other jurisdiction of incorporation)
1-9861 (Commission File Number)		16-0968385 (I.R.S. Employer Identification Number)

One M&T Plaza, Buffalo, New York		14203
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (716) 635-4000

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Common Stock, $.50 par value	MTB	New York Stock Exchange
Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H	MTBPrH	New York Stock Exchange
Perpetual 7.500% Non-Cumulative Preferred Stock, Series J	MTBPrJ	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On July 18, 2024, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended June 30, 2024. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On July 18, 2024, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T’s website at ir.mtb.com/events-presentations.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Exhibit Description
99.1						New s Release dated July 18, 2024
99.2						M&T Bank Corporation presentation dated July 18, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

M&T BANK CORPORATION

Date:

July 18, 2024

By:

/s/ Daryl N. Bible

Daryl N. Bible

Senior Executive Vice President
and Chief Financial Officer

EX-99.1 2 ex991release2q24.htm EX-99.1 Document

Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			July 18, 2024

M&T Bank Corporation (NYSE:MTB) announces second quarter 2024 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $655 million or $3.73 of diluted earnings per common share.


(Dollars in millions, except per share data)	2Q24			1Q24			2Q23
Earnings Highlights
Net interest income	$	1,718		$	1,680		$	1,799
Taxable-equivalent adjustment	13			12			14
Net interest income - taxable-equivalent	1,731			1,692			1,813
Provision for credit losses	150			200			150
Noninterest income	584			580			803
Noninterest expense	1,297			1,396			1,293
Net income	655			531			867
Net income available to common shareholders - diluted	626			505			841
Diluted earnings per common share	3.73			3.02			5.05
Return on average assets - annualized	1.24		%	1.01		%	1.70		%
Return on average common shareholders' equity - annualized	9.95			8.14			14.27
Average Balance Sheet
Total assets	$	211,981		$	211,478		$	204,376
Interest-bearing deposits at banks	29,294			30,647			23,617
Investment securities	29,695			28,587			28,623
Loans and leases, net of unearned discount	134,588			133,796			133,545
Deposits	163,491			164,065			159,399
Borrowings	16,452			16,001			15,055
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.59		%	3.52		%	3.91		%
Efficiency ratio	55.3			60.8			48.9
Net charge-offs to average total loans - annualized	.41			.42			.38
Allowance for credit losses to total loans	1.63			1.62			1.50
Nonaccrual loans to total loans	1.50			1.71			1.83
Common equity Tier 1 ("CET1") capital ratio (1)	11.44			11.08			10.59
Common shareholders' equity per share	$	153.57		$	150.90		$	143.41

(1) June 30, 2024 CET1 capital ratio is estimated.


Financial Highlights

•Highlighting the Company's strengthening capital position, the CET1 capital ratio increased for the fifth consecutive quarter to an estimated 11.44% at June 30, 2024, representing a 36 basis point increase from 11.08% at March 31, 2024.

•Net interest margin of 3.59% in the recent quarter widened from 3.52% in the first quarter of 2024 reflecting higher yields on investment securities as cash was deployed to those products, and stable deposit and borrowing costs.

•Growth in average commercial and industrial loans and consumer loans in the recent quarter was partially offset by a decline in average commercial real estate loans.

•Average customer deposits grew as funding shifted from wholesale sources to lower cost customer savings and interest-checking deposits during the recent quarter. Average borrowings rose in the second quarter of 2024 as compared with the first quarter of 2024 due to the issuance of senior notes and asset-backed notes at the end of the immediately preceding quarter, partially offset by lower average borrowings from the Federal Home Loan Bank ("FHLB") of New York.

•Provision for credit losses in the recent quarter reflects lower levels of criticized commercial real estate loans, partially offset by commercial and industrial and consumer loan growth.

•Lower noninterest expense in the second quarter of 2024 reflects seasonal salaries and employee benefit expenses recognized in 2024's initial quarter. The first and second quarters of 2024 include a $29 million and a $5 million estimated increase in the FDIC special assessment, respectively.


Chief Financial Officer Commentary

"Building on a strong start to the year, the second quarter results reflect a 24% increase in diluted earnings per common share from the first quarter. We continued to grow our commercial and industrial and consumer loan portfolios, while lessening our commercial real estate exposure. Credit metrics improved as both nonaccrual and total criticized loans declined sequentially. Liquidity and capital positions are exceptional, and we are pleased with the reduction in our stress capital buffer that becomes effective later this year. Our team continues to diligently deploy resources while controlling expense growth. We are grateful for our employees' commitment to our customers and communities which was again on full display in the first half of 2024 through various community events and volunteer engagements throughout our footprint."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations: Brian Klock 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			Second Quarter 2024 Results


Non-GAAP Measures (1)

							Change 2Q24 vs.					Change 2Q24 vs.
(Dollars in millions, except per share data)	2Q24			1Q24			1Q24		2Q23			2Q23

Net operating income	$	665		$	543		22	%	$	879		-24	%
Diluted net operating earnings per common share	3.79			3.09			23		5.12			-26
Annualized return on average tangible assets	1.31		%	1.08		%			1.80		%
Annualized return on average tangible common equity	15.27			12.67					22.73
Efficiency ratio	55.3			60.8					48.9
Tangible equity per common share	$	102.42		$	99.54		3		$	91.58		12

(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

							Change 2Q24 vs.					Change 2Q24 vs.
(Dollars in millions)	2Q24			1Q24			1Q24		2Q23			2Q23

Average earning assets	$	193,676		$	193,135		—	%	$	185,936		4	%
Average interest-bearing liabilities	132,209			131,451			1		118,274			12
Net interest income - taxable-equivalent	1,731			1,692			2		1,813			-5
Yield on average earning assets	5.82		%	5.74		%			5.46		%
Cost of interest-bearing liabilities	3.26			3.26					2.43
Net interest spread	2.56			2.48					3.03
Net interest margin	3.59			3.52					3.91

Taxable-equivalent net interest income increased $39 million, or 2%, from the first quarter of 2024.

•Average loans and leases increased $792 million and the yield on those loans and leases rose 6 basis points.

•Average investment securities increased $1.1 billion and the rates earned on those securities increased 31 basis points.

•Average interest-bearing deposits increased $307 million and the rates paid on such deposits declined 3 basis points. Average brokered deposits declined $1.2 billion in the recent quarter.

•Average borrowings rose $451 million and the rate paid on such borrowings increased 11 basis points.

Taxable-equivalent net interest income decreased $82 million, or 5%, compared with the year-earlier second quarter.

•Average interest-bearing deposits rose $12.5 billion and the rates paid on those deposits increased 88 basis points.


			Second Quarter 2024 Results

•Average borrowings increased $1.4 billion and rates paid on such borrowings increased 50 basis points.

•Average interest-bearing deposits at banks, average investment securities and average loans and leases increased $5.7 billion, $1.1 billion and $1.0 billion, respectively.

•Yields earned on average interest-bearing deposits at banks and average loans and leases each increased 36 basis points. The yield on investment securities increased 52 basis points.


Average Earning Assets

					Change 2Q24 vs.				Change 2Q24 vs.
(Dollars in millions)	2Q24		1Q24		1Q24		2Q23		2Q23
Interest-bearing deposits at banks	$	29,294	$	30,647	-4	%	$	23,617	24	%

Trading account	99		105		-6		151		-34
Investment securities	29,695		28,587		4		28,623		4
Loans and leases, net of unearned discount
Commercial and industrial	58,152		56,821		2		54,572		7
Real estate - commercial	31,458		32,696		-4		34,903		-10
Real estate - consumer	23,006		23,136		-1		23,781		-3
Consumer	21,972		21,143		4		20,289		8
Total loans and leases, net	134,588		133,796		1		133,545		1
Total earning assets	$	193,676	$	193,135	—		$	185,936	4

Average earning assets increased $541 million from the first quarter of 2024.

•Average interest-bearing deposits at banks decreased $1.4 billion reflecting purchases of investment securities and loan growth partially offset by higher long-term borrowings.

•Average investment securities increased $1.1 billion primarily due to purchases of fixed rate agency mortgage-backed and U.S. Treasury securities during the second quarter of 2024.

•Average loans and leases increased $792 million primarily reflective of growth in average commercial and industrial loans and leases of $1.3 billion and consumer loans of $829 million, partially offset by declines in average commercial real estate and residential real estate loans. The growth in commercial and industrial loans spanned most industry types.

Average earning assets increased $7.7 billion, or 4%, from the year-earlier second quarter.

•Average interest-bearing deposits at banks increased $5.7 billion reflecting a rise in average deposits and higher levels of average borrowings, partially offset by loan growth and purchases of investment securities.

•Average investment securities increased $1.1 billion reflecting purchases of fixed rate agency mortgage-backed and U.S. Treasury securities over the past six months.

•Average loans and leases increased $1.0 billion predominantly due to higher average commercial and industrial loans and leases of $3.6 billion, reflecting lending activities to financial and insurance industry customers, motor vehicle and recreational finance dealers and to the services industry, and consumer loans of $1.7 billion reflecting higher average recreational finance loans, partially offset by a $3.4 billion and a $775 million decline in average commercial real estate loans and residential real estate loans, respectively.


			Second Quarter 2024 Results


Average Interest-bearing Liabilities

					Change 2Q24 vs.				Change 2Q24 vs.
(Dollars in millions)	2Q24		1Q24		1Q24		2Q23		2Q23
Interest-bearing deposits
Savings and interest-checking deposits	$	95,955	$	94,867	1	%	$	87,210	10	%
Time deposits	19,802		20,583		-4		16,009		24
Total interest-bearing deposits	115,757		115,450		—		103,219		12
Short-term borrowings	4,962		6,228		-20		7,539		-34
Long-term borrowings	11,490		9,773		18		7,516		53
Total interest-bearing liabilities	$	132,209	$	131,451	1		$	118,274	12

Brokered savings and interest-checking deposits	$	8,193	$	8,030	2	%	$	3,754	118	%
Brokered time deposits	3,826		5,193		-26		6,873		-44
Total brokered deposits	$	12,019	$	13,223	-9		$	10,627	13

Average interest-bearing liabilities increased $758 million, or 1%, from the first quarter of 2024.

•Average borrowings increased $451 million predominantly due to the issuance of senior notes and asset-backed notes at the end of the first quarter of 2024, partially offset by lower average borrowings from the FHLB of New York in the recent quarter.

•Average interest-bearing deposits increased $307 million, reflective of a $1.5 billion increase in average non-brokered deposits.

Average interest-bearing liabilities increased $13.9 billion, or 12%, from the second quarter of 2023.

•Average interest-bearing deposits rose $12.5 billion, including a $11.1 billion increase in average non-brokered deposits, reflecting customer demand for interest-bearing products amidst rising rates.

•Average borrowings increased $1.4 billion reflecting the issuances of senior notes and other long-term debt since the second quarter of 2023, partially offset by lower average short-term borrowings.


			Second Quarter 2024 Results


Provision for Credit Losses/Asset Quality

							Change 2Q24 vs.					Change 2Q24 vs.
(Dollars in millions)	2Q24			1Q24			1Q24		2Q23			2Q23
At end of quarter
Nonaccrual loans	$	2,024		$	2,302		-12	%	$	2,435		-17	%
Real estate and other foreclosed assets	33			38			-16		43			-23
Total nonperforming assets	2,057			2,340			-12		2,478			-17
Accruing loans past due 90 days or more (1)	233			297			-21		380			-39
Nonaccrual loans as % of loans outstanding	1.50		%	1.71		%			1.83		%

Allowance for credit losses	$	2,204		$	2,191		1		$	1,998		10
Allowance for credit losses as % of loans outstanding	1.63		%	1.62		%			1.50		%

For the period
Provision for credit losses	$	150		$	200		-25		$	150		—
Net charge-offs	137			138			-1		127			8
Net charge-offs as % of average loans (annualized)	.41		%	.42		%			.38		%

(1)Predominantly government-guaranteed residential real estate loans.

M&T recorded a provision for credit losses of $150 million in each of the second quarters of 2024 and 2023, compared with $200 million in 2024's initial quarter. The lower provision for credit losses in the most recent quarter as compared with the first quarter of 2024 reflects lower commercial real estate loans, including criticized loans, and modest improvement in forecasted real estate prices, partially offset by growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. Net charge-offs totaled $137 million in 2024's second quarter as compared with $138 million in 2024's first quarter and $127 million in the year-earlier quarter.

Nonaccrual loans were $2.0 billion at June 30, 2024, $278 million lower than March 31, 2024 and $411 million lower than June 30, 2023, respectively. The lower level of nonaccrual loans at the recent quarter end as compared with the March 31, 2024 and June 30, 2023 was predominantly attributable to a decrease in commercial real estate nonaccrual loans. The decline in commercial real estate nonaccrual loans from the second quarter of 2023 was partially offset by an increase in commercial and industrial nonaccrual loans.


			Second Quarter 2024 Results


Noninterest Income

					Change 2Q24 vs.				Change 2Q24 vs.
(Dollars in millions)	2Q24		1Q24		1Q24		2Q23		2Q23
Mortgage banking revenues	$	106	$	104	1	%	$	107	-1	%
Service charges on deposit accounts	127		124		3		119		8
Trust income	170		160		6		172		-1
Brokerage services income	30		29		5		25		21
Trading account and other non-hedging derivative gains	7		9		-29		17		-61
Gain (loss) on bank investment securities	(8)		2		—		1		—
Other revenues from operations	152		152		—		362		-58
Total	$	584	$	580	1		$	803	-27

Noninterest income in the second quarter of 2024 increased $4 million, or 1%, from 2024's first quarter.

•Trust income increased $10 million due to seasonal tax service fees in the second quarter of 2024 of $4 million and higher revenues from the Company's global capital markets business.

•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 in 2024's second quarter reflect increases in merchant discount and credit card fees, letter of credit and other credit-related fees and distributions from renewable energy and certain other tax credit investments. In the first quarter of 2024, other revenues from operations included a $25 million distribution from Bayview Lending Group LLC.

Noninterest income declined $219 million, or 27%, as compared with the year-earlier second quarter.

•Other revenues from operations declined $210 million predominantly due to the $225 million gain on the sale of the Collective Investment Trust ("CIT") business recognized in April 2023, partially offset by higher letter of credit and other credit-related fees and an increase in tax-exempt income from bank owned life insurance in the recent quarter.

•Trust income decreased $2 million. The Company recorded approximately $15 million of revenues from its CIT business in 2023 prior to its sale. That revenue decline was largely offset by higher sales and fees from the Company's global capital markets business.


			Second Quarter 2024 Results


Noninterest Expense

					Change 2Q24 vs.				Change 2Q24 vs.
(Dollars in millions)	2Q24		1Q24		1Q24		2Q23		2Q23
Salaries and employee benefits	$	764	$	833	-8	%	$	738	4	%
Equipment and net occupancy	125		129		-3		129		-3
Outside data processing and software	124		120		4		106		17
Professional and other services	91		85		6		100		-10
FDIC assessments	37		60		-38		28		32
Advertising and marketing	27		20		34		28		-5
Amortization of core deposit and other intangible assets	13		15		-15		15		-15
Other costs of operations	116		134		-13		149		-21
Total	$	1,297	$	1,396	-7		$	1,293	—

Noninterest expense aggregated $1.30 billion in the recent quarter, down from $1.40 billion in the first quarter of 2024.

•Salaries and employee benefits expense decreased $69 million reflecting seasonally higher stock-based compensation, payroll related-taxes and other employee benefits expense in the first quarter of 2024, partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2024.

•FDIC assessments reflect estimated special assessment expense of $29 million and $5 million in the first quarter and second quarter of 2024, respectively, related to the FDIC's updated loss estimates associated with certain failed banks.

•Other costs of operations decreased $18 million reflecting lower expense associated with the Company's supplemental executive retirement savings plan and losses on lease terminations related to certain vacated properties in the first quarter of 2024.

Noninterest expense increased $4 million from the second quarter of 2023.

•Salaries and employee benefits expenses increased $26 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower employee staffing levels.

•Outside data processing and software rose $18 million due to higher software maintenance and licensing costs and data processing expenses.

•Other costs of operations decreased $33 million as a result of a decline in check fraud losses, credit card merchant expenses and costs associated with serviced loans.


			Second Quarter 2024 Results


Income Taxes

The Company's effective income tax rate was 23.4% in the second quarter of 2024, compared with 20.0% and 25.2% in the first quarter of 2024 and second quarter of 2023, respectively. The first quarter of 2024 income tax expense reflects a net discrete tax benefit related to the resolution of a tax matter inherited from the acquisition of People's United Financial, Inc.


Capital

	2Q24			1Q24		2Q23
CET1	11.44	%	(1)	11.08	%	10.59	%
Tier 1 capital	13.22		(1)	12.38		11.91
Total capital	14.87		(1)	14.04		13.71
Tangible capital – common	8.55			8.03		7.63

(1)June 30, 2024 capital ratios are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. The Company issued $750 million par value of Perpetual 7.5% Non-Cumulative Preferred Stock (Series J) in May 2024. Cash dividends declared on M&T's common and preferred stock totaled $228 million and $27 million, respectively, for the quarter ended June 30, 2024. M&T's current stress capital buffer is 4.0%. In June 2024, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, M&T's stress capital buffer is estimated to be 3.8% effective October 1, 2024.

The CET1 capital ratio for M&T was estimated at 11.44% as of June 30, 2024. M&T's total risk-weighted assets at June 30, 2024 are estimated to be $155 billion.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 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 #MTBQ224. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Thursday July 25, 2024 by calling (800) 727-5306, or (402) 220-2670 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 https://ir.mtb.com/events-presentations.


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 in 12 states across 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 www.mtb.com.


			Second Quarter 2024 Results


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; the impact of the People's United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including 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, 2023, 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.


			Second Quarter 2024 Results

Financial Highlights


	Three months ended								Six months ended
	June 30,								June 30,
(Dollars in millions, except per share, shares in thousands)	2024			2023			Change		2024			2023			Change

Performance
Net income	$	655		$	867		-25	%	$	1,186		$	1,569		-24	%
Net income available to common shareholders	626			841			-26		1,131			1,516			-25
Per common share:
Basic earnings	3.75			5.07			-26		6.79			9.09			-25
Diluted earnings	3.73			5.05			-26		6.76			9.06			-25
Cash dividends	1.35			1.30			4		2.65			2.60			2
Common shares outstanding:
Average - diluted (1)	167,659			166,320			1		167,372			167,359			—
Period end (2)	167,225			165,894			1		167,225			165,894			1
Return on (annualized):
Average total assets	1.24		%	1.70		%			1.13		%	1.55		%
Average common shareholders' equity	9.95			14.27					9.05			13.02
Taxable-equivalent net interest income	$	1,731		$	1,813		-5		$	3,423		$	3,645		-6
Yield on average earning assets	5.82		%	5.46		%			5.78		%	5.31		%
Cost of interest-bearing liabilities	3.26			2.43					3.26			2.15
Net interest spread	2.56			3.03					2.52			3.16
Contribution of interest-free funds	1.03			.88					1.04			.81
Net interest margin	3.59			3.91					3.56			3.97
Net charge-offs to average total net loans (annualized)	.41			.38					.41			.30
Net operating results (3)
Net operating income	$	665		$	879		-24		$	1,208		$	1,594		-24
Diluted net operating earnings per common share	3.79			5.12			-26		6.89			9.21			-25
Return on (annualized):
Average tangible assets	1.31		%	1.80		%			1.20		%	1.65		%
Average tangible common equity	15.27			22.73					13.99			20.90
Efficiency ratio	55.3			48.9					58.0			52.0

	At June 30,
Loan quality	2024			2023			Change
Nonaccrual loans	$	2,024		$	2,435		-17	%
Real estate and other foreclosed assets	33			43			-23
Total nonperforming assets	$	2,057		$	2,478		-17
Accruing loans past due 90 days or more (4)	$	233		$	380		-39
Government guaranteed loans included in totals above:
Nonaccrual loans	$	64		$	40		61
Accruing loans past due 90 days or more	215			294			-27
Nonaccrual loans to total loans	1.50		%	1.83		%
Allowance for credit losses to total loans	1.63			1.50
Additional information
Period end common stock price	$	151.36		$	123.76		22
Domestic banking offices	957			996			-4
Full time equivalent employees	22,110			22,946			-4

(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 on page 17.

(4) Predominantly residential real estate loans.


			Second Quarter 2024 Results

Financial Highlights, Five Quarter Trend


	Three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in millions, except per share, shares in thousands)	2024			2024			2023			2023			2023
Performance
Net income	$	655		$	531		$	482		$	690		$	867
Net income available to common shareholders	626			505			457			664			841
Per common share:
Basic earnings	3.75			3.04			2.75			4.00			5.07
Diluted earnings	3.73			3.02			2.74			3.98			5.05
Cash dividends	1.35			1.30			1.30			1.30			1.30
Common shares outstanding:
Average - diluted (1)	167,659			167,084			166,731			166,570			166,320
Period end (2)	167,225			166,724			166,149			165,970			165,894
Return on (annualized):
Average total assets	1.24		%	1.01		%	.92		%	1.33		%	1.70		%
Average common shareholders' equity	9.95			8.14			7.41			10.99			14.27
Taxable-equivalent net interest income	$	1,731		$	1,692		$	1,735		$	1,790		$	1,813
Yield on average earning assets	5.82		%	5.74		%	5.73		%	5.62		%	5.46		%
Cost of interest-bearing liabilities	3.26			3.26			3.17			2.83			2.43
Net interest spread	2.56			2.48			2.56			2.79			3.03
Contribution of interest-free funds	1.03			1.04			1.05			1.00			.88
Net interest margin	3.59			3.52			3.61			3.79			3.91
Net charge-offs to average total net loans (annualized)	.41			.42			.44			.29			.38
Net operating results (3)
Net operating income	$	665		$	543		$	494		$	702		$	879
Diluted net operating earnings per common share	3.79			3.09			2.81			4.05			5.12
Return on (annualized):
Average tangible assets	1.31		%	1.08		%	.98		%	1.41		%	1.80		%
Average tangible common equity	15.27			12.67			11.70			17.41			22.73
Efficiency ratio	55.3			60.8			62.1			53.7			48.9

	June 30,			March 31,			December 31,			September 30,			June 30,
Loan quality	2024			2024			2023			2023			2023
Nonaccrual loans	$	2,024		$	2,302		$	2,166		$	2,342		$	2,435
Real estate and other foreclosed assets	33			38			39			37			43
Total nonperforming assets	$	2,057		$	2,340		$	2,205		$	2,379		$	2,478
Accruing loans past due 90 days or more (4)	$	233		$	297		$	339		$	354		$	380
Government guaranteed loans included in totals above:
Nonaccrual loans	$	64		$	62		$	53		$	40		$	40
Accruing loans past due 90 days or more	215			244			298			269			294
Nonaccrual loans to total loans	1.50		%	1.71		%	1.62		%	1.77		%	1.83		%
Allowance for credit losses to total loans	1.63			1.62			1.59			1.55			1.50
Additional information
Period end common stock price	$	151.36		$	145.44		$	137.08		$	126.45		$	123.76
Domestic banking offices	957			958			961			967			996
Full time equivalent employees	22,110			21,927			21,980			22,424			22,946

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(4) Predominantly residential real estate loans.


			Second Quarter 2024 Results

Condensed Consolidated Statement of Income


	Three months ended						Six months ended
	June 30,						June 30,
(Dollars in millions)	2024		2023		Change		2024		2023		Change
Interest income	$	2,789	$	2,516	11	%	$	5,534	$	4,843	14	%
Interest expense	1,071		717		50		2,136		1,226		74
Net interest income	1,718		1,799		-5		3,398		3,617		-6
Provision for credit losses	150		150		—		350		270		30
Net interest income after provision for credit losses	1,568		1,649		-5		3,048		3,347		-9
Other income
Mortgage banking revenues	106		107		-1		210		192		9
Service charges on deposit accounts	127		119		8		251		232		8
Trust income	170		172		-1		330		366		-10
Brokerage services income	30		25		21		59		49		21
Trading account and other non-hedging derivative gains	7		17		-61		16		28		-44
Gain (loss) on bank investment securities	(8)		1		—		(6)		1		—
Other revenues from operations	152		362		-58		304		522		-42
Total other income	584		803		-27		1,164		1,390		-16
Other expense
Salaries and employee benefits	764		738		4		1,597		1,546		3
Equipment and net occupancy	125		129		-3		254		256		-1
Outside data processing and software	124		106		17		244		212		15
Professional and other services	91		100		-10		176		225		-22
FDIC assessments	37		28		32		97		58		67
Advertising and marketing	27		28		-5		47		59		-20
Amortization of core deposit and other intangible assets	13		15		-15		28		32		-14
Other costs of operations	116		149		-21		250		264		-5
Total other expense	1,297		1,293		—		2,693		2,652		2
Income before income taxes	855		1,159		-26		1,519		2,085		-27
Applicable income taxes	200		292		-32		333		516		-36
Net income	$	655	$	867	-25	%	$	1,186	$	1,569	-24	%


			Second Quarter 2024 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


	Three months ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2024		2024		2023		2023		2023
Interest income	$	2,789	$	2,745	$	2,740	$	2,641	$	2,516
Interest expense	1,071		1,065		1,018		866		717
Net interest income	1,718		1,680		1,722		1,775		1,799
Provision for credit losses	150		200		225		150		150
Net interest income after provision for credit losses	1,568		1,480		1,497		1,625		1,649
Other income
Mortgage banking revenues	106		104		112		105		107
Service charges on deposit accounts	127		124		121		121		119
Trust income	170		160		159		155		172
Brokerage services income	30		29		26		27		25
Trading account and other non-hedging derivative gains	7		9		11		9		17
Gain (loss) on bank investment securities	(8)		2		4		—		1
Other revenues from operations	152		152		145		143		362
Total other income	584		580		578		560		803
Other expense
Salaries and employee benefits	764		833		724		727		738
Equipment and net occupancy	125		129		134		131		129
Outside data processing and software	124		120		114		111		106
Professional and other services	91		85		99		89		100
FDIC assessments	37		60		228		29		28
Advertising and marketing	27		20		26		23		28
Amortization of core deposit and other intangible assets	13		15		15		15		15
Other costs of operations	116		134		110		153		149
Total other expense	1,297		1,396		1,450		1,278		1,293
Income before income taxes	855		664		625		907		1,159
Applicable income taxes	200		133		143		217		292
Net income	$	655	$	531	$	482	$	690	$	867


			Second Quarter 2024 Results

Condensed Consolidated Balance Sheet


	June 30,
(Dollars in millions)	2024		2023		Change
ASSETS
Cash and due from banks	$	1,778	$	1,848	-4	%
Interest-bearing deposits at banks	24,792		27,107		-9

Trading account	99		137		-28
Investment securities	29,894		27,917		7
Loans and leases, net of unearned discount:
Commercial and industrial	60,027		54,699		10
Real estate - commercial	29,532		34,634		-15
Real estate - consumer	23,003		23,762		-3
Consumer	22,440		20,249		11
Total loans and leases, net	135,002		133,344		1
Less: allowance for credit losses	2,204		1,998		10
Net loans and leases	132,798		131,346		1
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	119		177		-32
Other assets	10,910		10,675		2
Total assets	$	208,855	$	207,672	1	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	47,729	$	54,938	-13	%
Interest-bearing deposits	112,181		107,120		5

Total deposits	159,910		162,058		-1
Short-term borrowings	4,764		7,908		-40
Accrued interest and other liabilities	4,438		4,488		-1
Long-term borrowings	11,319		7,417		53
Total liabilities	180,431		181,871		-1
Shareholders' equity:
Preferred	2,744		2,011		36
Common	25,680		23,790		8
Total shareholders' equity	28,424		25,801		10
Total liabilities and shareholders' equity	$	208,855	$	207,672	1	%


			Second Quarter 2024 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2024		2024		2023		2023		2023
ASSETS
Cash and due from banks	$	1,778	$	1,695	$	1,731	$	1,769	$	1,848
Interest-bearing deposits at banks	24,792		32,144		28,069		30,114		27,107

Trading account	99		99		106		137		137
Investment securities	29,894		28,496		26,897		27,336		27,917
Loans and leases, net of unearned discount:
Commercial and industrial	60,027		57,897		57,010		54,891		54,699
Real estate - commercial	29,532		32,416		33,003		33,741		34,634
Real estate - consumer	23,003		23,076		23,264		23,448		23,762
Consumer	22,440		21,584		20,791		20,275		20,249
Total loans and leases, net	135,002		134,973		134,068		132,355		133,344
Less: allowance for credit losses	2,204		2,191		2,129		2,052		1,998
Net loans and leases	132,798		132,782		131,939		130,303		131,346
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	119		132		147		162		177
Other assets	10,910		11,324		10,910		10,838		10,675
Total assets	$	208,855	$	215,137	$	208,264	$	209,124	$	207,672

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	47,729	$	50,578	$	49,294	$	53,787	$	54,938
Interest-bearing deposits	112,181		116,618		113,980		110,341		107,120

Total deposits	159,910		167,196		163,274		164,128		162,058
Short-term borrowings	4,764		4,795		5,316		6,731		7,908
Accrued interest and other liabilities	4,438		4,527		4,516		4,946		4,488
Long-term borrowings	11,319		11,450		8,201		7,123		7,417
Total liabilities	180,431		187,968		181,307		182,928		181,871
Shareholders' equity:
Preferred	2,744		2,011		2,011		2,011		2,011
Common	25,680		25,158		24,946		24,185		23,790
Total shareholders' equity	28,424		27,169		26,957		26,196		25,801
Total liabilities and shareholders' equity	$	208,855	$	215,137	$	208,264	$	209,124	$	207,672


			Second Quarter 2024 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three months ended												Change in balance				Six months ended
	June 30,				March 31,				June 30,				June 30, 2024 from				June 30,								Change
(Dollars in millions)	2024				2024				2023				March 31,		June 30,		2024				2023				in
	Balance		Rate		Balance		Rate		Balance		Rate		2024		2023		Balance		Rate		Balance		Rate		balance
ASSETS
Interest-bearing deposits at banks	$	29,294	5.50	%	$	30,647	5.49	%	$	23,617	5.14	%	-4	%	24	%	$	29,971	5.50	%	$	23,963	4.89	%	25	%

Trading account	99		3.47		105		3.42		151		2.66		-6		-34		102		3.45		136		2.50		-25
Investment securities	29,695		3.61		28,587		3.30		28,623		3.09		4		4		29,141		3.46		28,126		3.04		4
Loans and leases, net of unearned discount:
Commercial and industrial	58,152		7.04		56,821		6.99		54,572		6.63		2		7		57,486		7.01		53,531		6.47		7
Real estate - commercial	31,458		6.38		32,696		6.36		34,903		6.38		-4		-10		32,077		6.37		35,089		6.14		-9
Real estate - consumer	23,006		4.32		23,136		4.28		23,781		4.10		-1		-3		23,071		4.30		23,775		4.03		-3
Consumer	21,972		6.61		21,143		6.54		20,289		5.88		4		8		21,558		6.58		20,388		5.77		6
Total loans and leases, net	134,588		6.38		133,796		6.32		133,545		6.02		1		1		134,192		6.35		132,783		5.87		1
Total earning assets	193,676		5.82		193,135		5.74		185,936		5.46		—		4		193,406		5.78		185,008		5.31		5
Goodwill	8,465				8,465				8,473				—		—		8,465				8,482				—
Core deposit and other intangible assets	126				140				185				-10		-32		133				192				-31
Other assets	9,714				9,738				9,782				—		-1		9,725				9,810				-1
Total assets	$	211,981			$	211,478			$	204,376			—	%	4	%	$	211,729			$	203,492			4	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	95,955	2.59	%	$	94,867	2.61	%	$	87,210	1.69	%	1	%	10	%	$	95,411	2.60	%	$	87,629	1.49	%	9	%
Time deposits	19,802		4.41		20,583		4.41		16,009		3.77		-4		24		20,192		4.41		13,832		3.49		46
Total interest-bearing deposits	115,757		2.90		115,450		2.93		103,219		2.02		—		12		115,603		2.91		101,461		1.76		14
Short-term borrowings	4,962		5.62		6,228		5.42		7,539		5.11		-20		-34		5,595		5.51		6,273		4.94		-11
Long-term borrowings	11,490		5.83		9,773		5.81		7,516		5.43		18		53		10,631		5.82		7,017		5.36		52
Total interest-bearing liabilities	132,209		3.26		131,451		3.26		118,274		2.43		1		12		131,829		3.26		114,751		2.15		15
Noninterest-bearing deposits	47,734				48,615				56,180				-2		-15		48,175				59,001				-18
Other liabilities	4,293				4,393				4,237				-2		1		4,343				4,208				3
Total liabilities	184,236				184,459				178,691				—		3		184,347				177,960				4
Shareholders' equity	27,745				27,019				25,685				3		8		27,382				25,532				7
Total liabilities and shareholders' equity	$	211,981			$	211,478			$	204,376			—	%	4	%	$	211,729			$	203,492			4	%
Net interest spread			2.56				2.48				3.03								2.52				3.16
Contribution of interest-free funds			1.03				1.04				.88								1.04				.81
Net interest margin			3.59	%			3.52	%			3.91	%							3.56	%			3.97	%


			Second Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures


	Three months ended						Six months ended
	June 30,						June 30,
	2024			2023			2024			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	655		$	867		$	1,186		$	1,569
Amortization of core deposit and other intangible assets (1)	10			12			22			25

Net operating income	$	665		$	879		$	1,208		$	1,594
Earnings per common share
Diluted earnings per common share	$	3.73		$	5.05		$	6.76		$	9.06
Amortization of core deposit and other intangible assets (1)	.06			.07			.13			.15

Diluted net operating earnings per common share	$	3.79		$	5.12		$	6.89		$	9.21
Other expense
Other expense	$	1,297		$	1,293		$	2,693		$	2,652
Amortization of core deposit and other intangible assets	(13)			(15)			(28)			(32)

Noninterest operating expense	$	1,284		$	1,278		$	2,665		$	2,620










Efficiency ratio
Noninterest operating expense (numerator)	$	1,284		$	1,278		$	2,665		$	2,620
Taxable-equivalent net interest income	$	1,731		$	1,813		$	3,423		$	3,645
Other income	584			803			1,164			1,390
Less: Gain (loss) on bank investment securities	(8)			1			(6)			1
Denominator	$	2,323		$	2,615		$	4,593		$	5,034
Efficiency ratio	55.3		%	48.9		%	58.0		%	52.0		%
Balance sheet data
Average assets
Average assets	$	211,981		$	204,376		$	211,729		$	203,492
Goodwill	(8,465)			(8,473)			(8,465)			(8,482)
Core deposit and other intangible assets	(126)			(185)			(133)			(192)
Deferred taxes	30			46			32			47
Average tangible assets	$	203,420		$	195,764		$	203,163		$	194,865
Average common equity
Average total equity	$	27,745		$	25,685		$	27,382		$	25,532
Preferred stock	(2,405)			(2,011)			(2,208)			(2,011)
Average common equity	25,340			23,674			25,174			23,521
Goodwill	(8,465)			(8,473)			(8,465)			(8,482)
Core deposit and other intangible assets	(126)			(185)			(133)			(192)
Deferred taxes	30			46			32			47
Average tangible common equity	$	16,779		$	15,062		$	16,608		$	14,894
At end of quarter
Total assets
Total assets	$	208,855		$	207,672
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(119)			(177)
Deferred taxes	31			44
Total tangible assets	$	200,302		$	199,074
Total common equity
Total equity	$	28,424		$	25,801
Preferred stock	(2,744)			(2,011)

Common equity	25,680			23,790
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(119)			(177)
Deferred taxes	31			44
Total tangible common equity	$	17,127		$	15,192

(1) After any related tax effect.


			Second Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend


	Three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2024			2024			2023			2023			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	655		$	531		$	482		$	690		$	867
Amortization of core deposit and other intangible assets (1)	10			12			12			12			12

Net operating income	$	665		$	543		$	494		$	702		$	879
Earnings per common share
Diluted earnings per common share	$	3.73		$	3.02		$	2.74		$	3.98		$	5.05
Amortization of core deposit and other intangible assets (1)	.06			.07			.07			.07			.07

Diluted net operating earnings per common share	$	3.79		$	3.09		$	2.81		$	4.05		$	5.12
Other expense
Other expense	$	1,297		$	1,396		$	1,450		$	1,278		$	1,293
Amortization of core deposit and other intangible assets	(13)			(15)			(15)			(15)			(15)

Noninterest operating expense	$	1,284		$	1,381		$	1,435		$	1,263		$	1,278










Efficiency ratio
Noninterest operating expense (numerator)	$	1,284		$	1,381		$	1,435		$	1,263		$	1,278
Taxable-equivalent net interest income	$	1,731		$	1,692		$	1,735		$	1,790		$	1,813
Other income	584			580			578			560			803
Less: Gain (loss) on bank investment securities	(8)			2			4			—			1
Denominator	$	2,323		$	2,270		$	2,309		$	2,350		$	2,615
Efficiency ratio	55.3		%	60.8		%	62.1		%	53.7		%	48.9		%
Balance sheet data
Average assets
Average assets	$	211,981		$	211,478		$	208,752		$	205,791		$	204,376
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,473)
Core deposit and other intangible assets	(126)			(140)			(154)			(170)			(185)
Deferred taxes	30			33			39			43			46
Average tangible assets	$	203,420		$	202,906		$	200,172		$	197,199		$	195,764
Average common equity
Average total equity	$	27,745		$	27,019		$	26,500		$	26,020		$	25,685
Preferred stock	(2,405)			(2,011)			(2,011)			(2,011)			(2,011)
Average common equity	25,340			25,008			24,489			24,009			23,674
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,473)
Core deposit and other intangible assets	(126)			(140)			(154)			(170)			(185)
Deferred taxes	30			33			39			43			46
Average tangible common equity	$	16,779		$	16,436		$	15,909		$	15,417		$	15,062
At end of quarter
Total assets
Total assets	$	208,855		$	215,137		$	208,264		$	209,124		$	207,672
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(119)			(132)			(147)			(162)			(177)
Deferred taxes	31			34			37			41			44
Total tangible assets	$	200,302		$	206,574		$	199,689		$	200,538		$	199,074
Total common equity
Total equity	$	28,424		$	27,169		$	26,957		$	26,197		$	25,801
Preferred stock	(2,744)			(2,011)			(2,011)			(2,011)			(2,011)

Common equity	25,680			25,158			24,946			24,186			23,790
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(119)			(132)			(147)			(162)			(177)
Deferred taxes	31			34			37			41			44
Total tangible common equity	$	17,127		$	16,595		$	16,371		$	15,600		$	15,192

(1) After any related tax effect.

EX-99.2 3 earningspresentation_2q2.htm EX-99.2 earningspresentation_2q2

Earnings Results 2nd Quarter 2024 July 18, 2024 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“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; the impact of the People’s United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including 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, 2023, 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. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Disclaimer

33 Purpose To make a difference in people’s lives. Mission We are a bank for communities – committed to improving the lives of our customers and all the communities we touch. Operating Principles Local Scale Credit Discipline Operating & Capital Efficiency

Making a positive impact on our communities, customers, and colleagues Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights Note: All data except for SBA data and Board of Directors data are as of December 31, 2023. SBA data is for the period October 1, 2022 to September 30, 2023. Board of Directors data is as of June 27, 2024. The metrics and methodologies included in sustainable finance reporting are subject to change based on the best information available. We plan to continue to review and enhance our reporting capabilities in line with applicable legal and regulatory requirements and industry standards and practices. (1) Following the criteria for independence required by the New York Stock Exchange as well as M&T's Corporate Governance Standards. • 412 people participated in specialized M&T learning and development programs, which have been running for four decades • 9.6 years average employee tenure • 40 average hours of training for M&T employees • 80 Employee Resource Group chapters with participation by 51% of managers and 35% of employees (non-managers) • 94% participation by M&T employees in M&T's 401(k) plan • Ranked #6 SBA Lender in the country (FY2023), the 15th consecutive year among the nation’s top 10 SBA Lenders • ~249,000 hours dedicated by M&T employees to volunteering in our communities • ~$54 million contributed by M&T and The M&T Charitable Foundation to supporting our communities • Highest possible CRA rating from Federal Reserve since 1982 • $691 million of financing to projects that include affordable housing • $2.5 billion of social sustainable finance loans and investments • 94% of Board members are independent (1) • More than 40% of M&T's Board of Directors team is diverse (25% of directors are women, 19% of directors are people of color) • 17-year average tenure for executive officers • 90% of employees believe M&T is committed to ethical business practices • Achieved 60% of our $1 billion commitment to renewable energy projects • $671 million of environmental sustainable finance loans and investments • Year-over-year we reduced our combined scope 1 and 2 emissions by 8.5% 4

5 J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study; among banks with $70B to $200B in deposits. Visit jdpower.com/awards for more details. Key Awards and Accolades #1 in Customer Satisfaction with Mobile Banking Apps among Regional Banks

6 Financial Results

7 • Diluted EPS increased +24% QoQ • Net Interest Margin widened +7 bps QoQ • Provision for Credit Losses declined -25% QoQ Notable items ($ in millions, except per share) 2Q24 1Q24 2Q23 Amt(1) EPS Amt(1) EPS Amt(1) EPS Gain on sale of Collective Investment Trust ("CIT") $— $— $— $— $225 $0.94 FDIC special assessment $5 $0.02 $29 $0.13 $— $— Second Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 2Q24 1Q24 2Q23 Revenues $2,302 $2,260 $2,602 Noninterest Expense $1,297 $1,396 $1,293 Provision for Credit Losses $150 $200 $150 Net Income $655 $531 $867 Diluted EPS $3.73 $3.02 $5.05 Return on Assets 1.24% 1.01% 1.70% Return on Common Equity 9.95% 8.14% 14.27% Net Interest Margin 3.59% 3.52% 3.91% Net Charge-offs % Avg Loans 0.41% 0.42% 0.38% Note: (1) Before any related tax effect.

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Second Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2Q24 1Q24 2Q23 Net Operating Income $665 $543 $879 Diluted Net Operating EPS $3.79 $3.09 $5.12 Efficiency Ratio 55.3% 60.8% 48.9% Net Operating ROTA 1.31% 1.08% 1.80% Net Operating ROTCE 15.27% 12.67% 22.73% Tangible Book Value per Share (2) $102.42 $99.54 $91.58 • Net Operating ROTA increased +23 bps QoQ • Net Operating ROTCE increased +260 bps QoQ • Tangible Book Value per Share increased +3% QoQ

9 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$39 million or +2% QoQ – Favorable impact from loan growth and asset repricing, particularly in the investment securities portfolio – Higher nonaccrual interest, partially offset by impact of cash flow hedges – Cost of interest-bearing liabilities remained stable • Net interest margin rose +7 bps QoQ to 3.59% – Fixed asset repricing (+6 bps) – Elevated nonaccrual interest (+5 bps) – Lower interest-bearing deposit cost (+1 bps) – Impact of swaps (-3 bps) – Higher borrowing costs and balances (-2 bps) Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. $ IN M IL LI O N S $1,813 $1,790 $1,735 $1,692 $1,731 3.91% 3.79% 3.61% 3.52% 3.59% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 2Q23 3Q23 4Q23 1Q24 2Q24

10 Change 2Q24 vs Average Balances, $ in billions, except per share 2Q24 1Q24 2Q23 1Q24 2Q23 Interest-bearing Deposits at Banks $29.3 $30.7 $23.6 -4% 24% Investment Securities $29.7 $28.6 $28.6 4% 4% Commercial and Industrial (“C&I”) $58.1 $56.8 $54.5 2% 7% Commercial Real Estate (“CRE”) $31.5 $32.7 $34.9 -4% -10% Residential Mortgage $23.0 $23.1 $23.8 -1% -3% Consumer $22.0 $21.2 $20.3 4% 8% Total Loans $134.6 $133.8 $133.5 1% 1% Earning Assets $193.7 $193.1 $185.9 — 4% Deposits $163.5 $164.1 $159.4 — 3% Borrowings $16.5 $16.0 $15.1 3% 9% Common Shareholders’ Equity $25.3 $25.0 $23.7 1% 7% As of Quarter End Book Value per Common Share $153.57 $150.90 $143.41 2% 7% Tangible Book Value per Common Share(1) $102.42 $99.54 $91.58 3% 12% Tangible Common Equity / Tangible Assets(1) 8.55 % 8.03 % 7.63 % 52 bps 92 bps Common Equity Tier 1 ("CET1") Capital Ratio(2) 11.44 % 11.08 % 10.59 % 36 bps 85 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) June 30, 2024 CET1 ratio is estimated. (2) • Capital levels strong with CET1 ratio of 11.44%(2)

11 Balance Sheet – Average Loans QoQ Drivers Average loans +$792 million or +1% QoQ: • C&I loans increased +2% (+$1.3 billion), driven by continued growth spanning most industry types • CRE loans declined -4% (-$1.2 billion), reflecting continued low origination activity and paydowns as we continue to manage our CRE concentration • Residential mortgage loans decreased -1% (-$130 million), largely reflecting pay downs in the held-for-investment portfolio • Consumer loans rose +4% (+$829 million), driven by growth in recreational finance and indirect auto $ IN B IL LI O N S $54.5 $54.5 $55.4 $56.8 $58.1 $34.9 $34.3 $33.5 $32.7 $31.5 $23.8 $23.6 $23.3 $23.1 $23.0 $20.3 $20.2 $20.6 $21.2 $22.0 $133.5 $132.6 $132.8 $133.8 $134.6 6.02% 6.19% 6.33% 6.32% 6.38% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 2Q23 3Q23 4Q23 1Q24 2Q24

12 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Loss AFS ~2.1 years $239 million HTM ~5.3 years $1,286 million Total Debt Securities ~3.7 years $1,525 million $ IN B IL LI O N S Average Investment Securities and Yield $28.6 $28.0 $27.5 $28.6 $29.7 3.09% 3.14% 3.13% 3.30% 3.61% 2Q23 3Q23 4Q23 1Q24 2Q24 Cash 3% Interest- bearing deposits at banks 44% Other Securities 2% HTM Securities 26% AFS Securities 25% $56.5B TOTAL Yield up +31 bps Securities and Cash - at 6/30/24

13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$574 million or less than -0.5% QoQ: • Mix shift to lower cost savings and interest-checking deposits • Cost of interest-bearing deposits, excluding brokered deposits, was flat • Average customer deposits continued to increase; brokered deposits decreased -$1.2 billion • Average noninterest-bearing deposits declined -$881 million, primarily commercial deposits $ IN B IL LI O N S $56.2 $53.9 $50.1 $48.6 $47.7 $87.2 $89.3 $93.4 $94.9 $96.0 $16.0 $19.5 $21.2 $20.6 $19.8 $159.4 $162.7 $164.7 $164.1 $163.5 1.31% 1.70% 2.01% 2.06% 2.06% Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits Total Deposit Cost 2Q23 3Q23 4Q23 1Q24 2Q24

14 $ IN M IL LI O N S $578 $560 $578 $580 $584 $225 $803 $560 $578 $580 $584 Ex Notable Items Notable Items Noninterest Income 2Q23 3Q23 4Q23 1Q24 2Q24 Change 2Q24 vs $ in millions 2Q24 1Q24 2Q23 1Q24 2Q23 Mortgage Banking Revenues $106 $104 $107 1% -1% Service Charges on Deposits $127 $124 $119 3% 8% Trust Income $170 $160 $172 6% -1% Brokerage Services $30 $29 $25 5% 21% Non-hedge Derivatives / Trading $7 $9 $17 -29% -61% Securities G/L $(8) $2 $1 — — Other Revenues from Operations $152 $152 $362 — -58% Noninterest Income $584 $580 $803 1% -27% Income Statement – Noninterest Income Noninterest income increased +$4 million or less than +1% QoQ: • Trust income increased +$10 million or +6% QoQ: – Reflects seasonal tax service fees of $4 million and higher revenues from the Company's global capital markets business • Gain (loss) on bank investment securities reflects Q2 losses on sales of non-agency investment securities • Other revenues from operations were flat QoQ: – Increases in merchant discount and credit card fees, letter of credit and other credit-related fees and distributions from certain tax credit investments – Offset by $25 million distribution from BLG received in 1Q24 Note: (1) 2Q23 noninterest income included a $225 million gain on sale from the sale of CIT. QoQ Drivers Gain on CIT Sale(1)

15 Change 2Q24 vs $ in millions 2Q24 1Q24 2Q23 1Q24 2Q23 Salaries & Benefits(4) $764 $833 $738 -8% 4% Equip & Occupancy $125 $129 $129 -3% -3% Outside Data Proc & SW $124 $120 $106 4% 17% Professional and other services $91 $85 $100 6% -10% FDIC Assessments $37 $60 $28 -38% 32% Advert. & Marketing $27 $20 $28 34% -5% Other Costs of Operations $116 $134 $149 -13% -21% Operating Expense(1) $1,284 $1,381 $1,278 -7% 1% Intangible Amortization $13 $15 $15 -15% -15% Total Noninterest Expense $1,297 $1,396 $1,293 -7% — Income Statement – Noninterest Expenses Noninterest expense decreased -$99 million or -7% QoQ Excluding the FDIC special assessments(3) noninterest expense decreased -$75 million or -6% • Salaries and employee benefits expense down -$69 million or -8% QoQ: – Seasonally higher expenses in 1Q24, partially offset by full quarter of annual merit increases • Other costs of operations decreased -$18 million or -13% QoQ: – Lower costs on supplemental executive retirement savings plan – Q1 losses on lease terminations Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) 2Q23 adjusted efficiency ratio excludes $225 million gain on sale of CIT from the denominator. (3) Adjusted efficiency ratio excludes $197 million, $29 million and $5 million FDIC special assessment from the numerator for 4Q23, 1Q24 and 2Q24, respectively. (4) Severance charges for 2Q24, 1Q24 and 2Q23 were $7 million, $6 million and $8 million, respectively. QoQ Drivers $ IN M IL LI O N S $1,278 $1,263 $1,435 $1,381 $1,284 $1,293 $1,278 $1,450 $1,396 $1,297 48.9% 53.7% 62.1% 60.8% 55.3% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio 2Q23 3Q23 4Q23 1Q24 2Q24 Adjusted Efficiency 59.6%(3) Adjusted Efficiency 53.4%(2) Adjusted Efficiency 53.6%(3) Adjusted Efficiency 55.1%(3) FDIC special assessment(3)

16 $ IN M IL LI O N S Nonaccrual Loans $2,435 $2,342 $2,166 $2,302 $2,024 1.83% 1.77% 1.62% 1.71% 1.50% Nonaccrual Loans ($) Nonaccrual Loans (%) 2Q23 3Q23 4Q23 1Q24 2Q24 $ IN M IL LI O N S Net Charge-offs $127 $96 $148 $138 $137 0.38% 0.29% 0.44% 0.42% 0.41% Net Charge-offs ($) Net Charge-off Ratio (%) 2Q23 3Q23 4Q23 1Q24 2Q24 Credit $ IN M IL LI O N S Allowance for Credit Losses $1,998 $2,052 $2,129 $2,191 $2,204 1.50% 1.55% 1.59% 1.62% 1.63% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 2Q23 3Q23 4Q23 1Q24 2Q24 $ IN M IL LI O N S Provision for Credit Losses $150 $150 $225 $200 $150 2Q23 3Q23 4Q23 1Q24 2Q24

17 Criticized C&I and CRE Loans -$889 million QoQ criticized loans decreased: • C&I increased +$98 million – Driven by health services and motor vehicle and recreational finance dealers • CRE decreased -$987 million – Permanent CRE -$773 million – Construction -$214 million • 97% of criticized accrual loans are current • 58% of criticized nonaccrual loans are current Reserve Impact: • Criticized loans generally carry higher loss reserves • Reflecting strong collateral values, the reserve ratio for nonaccrual loans was ~18% $ IN B IL LI O N S $10.5 $11.1 $12.6 $12.9 $12.1 11.8% 12.5% 14.0% 14.3% 13.5% Criticized Criticized % of Commercial Loans 2Q23 3Q23 4Q23 1Q24 2Q24

18 Criticized C&I Loans June 30, 2024 March 31, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $11,129 $129 $1 $130 $10,538 $261 $37 $298 Services 7,487 296 115 411 7,180 260 130 390 Motor vehicle and recreational finance dealers 6,454 694 120 814 6,268 525 109 634 Manufacturing 6,313 511 101 612 6,226 616 122 738 Wholesale 4,090 277 31 308 3,955 268 34 302 Transportation, communications, utilities 3,499 288 69 357 3,525 233 70 303 Retail 3,048 87 31 118 2,893 83 41 124 Construction 2,301 158 63 221 2,089 176 68 244 Health services 1,937 230 36 266 1,991 286 34 320 Real estate investors 1,566 159 4 163 1,618 195 4 199 Other 1,517 101 48 149 1,676 100 54 154 Total commercial and industrial excluding owner-occupied real estate $49,341 $2,930 $619 $3,549 $47,959 $3,003 $703 $3,706 Owner-occupied real estate by industry: Services $2,211 $129 $35 $164 $2,122 $140 $51 $191 Motor vehicle and recreational finance dealers 1,957 50 12 62 1,922 45 9 54 Retail 1,614 127 12 139 1,587 132 14 146 Health services 1,339 285 66 351 639 53 22 75 Wholesale 919 31 3 34 944 48 3 51 Manufacturing 813 52 25 77 837 58 29 87 Real estate investors 771 37 15 52 795 24 16 40 Other 1,062 52 18 70 1,092 33 17 50 Total owner-occupied real estate 10,686 763 186 949 9,938 533 161 694 Total $60,027 $3,693 $805 $4,498 $57,897 $3,536 $864 $4,400 Percent criticized - excluding owner-occupied real estate 7.2 % 7.7 % Percent criticized - owner-occupied real estate 8.9 % 7.0 % Percent criticized - total commercial and industrial 7.5 % 7.6 %

19 Criticized CRE Loans June 30, 2024 March 31, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $5,824 $882 $108 $990 $6,441 $1,003 $112 $1,115 Retail/Service 5,257 774 163 937 5,795 1,039 229 1,268 Office 4,484 1,070 145 1,215 4,599 1,011 147 1,158 Health services 2,752 1,100 109 1,209 3,626 1,409 177 1,586 Hotel 2,279 430 165 595 2,485 485 175 660 Industrial/Warehouse 1,896 172 16 188 1,925 133 13 146 Other 274 72 1 73 297 45 2 47 Total permanent 22,766 4,500 707 5,207 25,168 5,125 855 5,980 Construction/development 6,766 2,270 79 2,349 7,248 2,419 144 2,563 Total commercial real estate $29,532 $6,770 $786 $7,556 $32,416 $7,544 $999 $8,543 Percent criticized - total commercial real estate 25.6 % 26.4 %

20 CET1 10.59% 10.95% 10.98% 11.08% 11.44% 2Q23 3Q23 4Q23 1Q24 2Q24 TBVPS $91.58 $93.99 $98.54 $99.54 $102.42 2Q23 3Q23 4Q23 1Q24 2Q24 Capital • CET1 capital ratio increased +36 bps to 11.44%(1) at 2Q24 • Tangible book value per share increased +3% to $102.42 • Stress capital buffer to improve from 4.0% to an estimated 3.8% effective October 1, 2024(3) Note: (1) June 30, 2024 CET1 ratio is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measures. (3) Based on the Federal Reserve's most recent supervisory stress tests release in June 2024. QoQ Drivers • Tangible common equity to tangible assets increased +52 bps to 8.55% at the end of 2Q24 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by ~(19) bps at the end of 2Q24 (1) (2)

21 2024 Outlook 2024 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $6.85 billion to $6.90 billion • NIM in the 3.50s • Reflects two rate cuts Fee Income $2.3 billion to $2.4 billion • Growth in trust income from strong market activity GAAP Expense Includes intangible amortization Excludes incremental FDIC special assessment $5.25 billion to $5.30 billion • Continued focus on managing expense Net Charge-Offs % of Average Loans ~40 basis points • NCO normalization in C&I and consumer loan portfolios Tax Rate Taxable-equivalent 24.0% to 24.5% • Excludes certain discrete tax benefit in 1Q24 A ve ra ge B al an ce s Loans $134 billion to $136 billion • Growth in C&I and consumer, declines in CRE and residential mortgage Deposits $162 billion to $164 billion • Focus on growing customer deposits Share Repurchases $200 million per quarter in 3Q and 4Q24 • Significant progress against capital distribution considerations in 1H24 • Expect to maintain capital ratios at least at current levels Preferred Dividends 3Q: ~$47 million 4Q: ~$36 million • Reflects Series J issuance in May and upcoming Series E redemption in August

22 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Prudent growth ~2x peers • Leading position in core markets • 15-20% ROATCE • ~9% annual TSR • Robust dividend growth • 6% TBV per share growth Source: FactSet, S&P Global, Company Filings. Note: (1) Branch and deposit data as of 6/30 of the year under consideration, pro forma for pending / closed M&A. Growth vs. peers represents each bank’s median branch deposit growth from 2019-2023 relative to that bank’s median city projected population growth from 2023-2028. (2): ROATCE average from 2013-2023. Adjusted for amortization of core deposit and other intangible assets, merger related expenses, tax rate changes, and normalized provisions for credit losses in 2020. (3): Annual TSR represents CAGR of the average trailing 3 year total shareholder returns (consisting of price returns and dividends assuming reinvestment of dividends received) during 2013-2023. (4): Dividend growth represents CAGR of common dividends per share from 2013-2023. (5): TBV per share growth represents CAGR from 2013-2023. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

23 Appendix

24 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, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 2Q23 3Q23 4Q23 1Q24 2Q24 Net income Net income $867 $690 $482 $531 $655 Amortization of core deposits and other intangible assets (1) 12 12 12 12 10 Net operating income $879 $702 $494 $543 $665 Earnings per common share Diluted earnings per common share $5.05 $3.98 $2.74 $3.02 $3.73 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.07 0.07 0.06 Diluted net operating earnings per common share $5.12 $4.05 $2.81 $3.09 $3.79

25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2Q23 3Q23 4Q23 1Q24 2Q24 Other expense Other expense $1,293 $1,278 $1,450 $1,396 $1,297 Amortization of core deposit and other intangible assets (15) (15) (15) (15) (13) Noninterest operating expense $1,278 $1,263 $1,435 $1,381 $1,284 Efficiency ratio Noninterest operating expense (numerator) $1,278 $1,263 $1,435 $1,381 $1,284 Taxable-equivalent net interest income 1,813 1,790 1,735 1,692 1,731 Other income 803 560 578 580 584 Less: Gain (loss) on bank investment securities 1 — 4 2 (8) Denominator $2,615 $2,350 $2,309 $2,270 $2,323 Efficiency ratio 48.9 % 53.7 % 62.1 % 60.8 % 55.3 %

26 Appendix In millions 2Q23 3Q23 4Q23 1Q24 2Q24 Average assets Average assets $204,376 $205,791 $208,752 $211,478 $211,981 Goodwill (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (185) (170) (154) (140) (126) Deferred taxes 46 43 39 33 30 Average tangible assets $195,764 $197,199 $200,172 $202,906 $203,420 Average common equity Average total equity $25,685 $26,020 $26,500 $27,019 $27,745 Preferred stock (2,011) (2,011) (2,011) (2,011) (2,405) Average common equity 23,674 24,009 24,489 25,008 25,340 Goodwill (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (185) (170) (154) (140) (126) Deferred taxes 46 43 39 33 30 Average tangible common equity $15,062 $15,417 $15,909 $16,436 $16,779 GAAP to Tangible (Non-GAAP) Reconciliation

27 Appendix In millions 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 Total assets Total assets $207,672 $209,124 $208,264 $215,137 $208,855 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (177) (162) (147) (132) (119) Deferred taxes 44 41 37 34 31 Total tangible assets $199,074 $200,538 $199,689 $206,574 $200,302 Total common equity Total equity $25,801 $26,197 $26,957 $27,169 $28,424 Preferred stock (2,011) (2,011) (2,011) (2,011) (2,744) Common equity 23,790 24,186 24,946 25,158 25,680 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (177) (162) (147) (132) (119) Deferred taxes 44 41 37 34 31 Total tangible common equity $15,192 $15,600 $16,371 $16,595 $17,127 GAAP to Tangible (Non-GAAP) Reconciliation