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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): October 17, 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 October 17, 2024, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended September 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 October 17, 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
99.2
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: October 17, 2024
By:
 /s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer


EX-99.1 2 ex991release3q24.htm EX-99.1 Document
Exhibit 99.1
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News Release
 One M&T Plaza, Buffalo, NY 14203 October 17, 2024
M&T Bank Corporation (NYSE:MTB) announces third quarter 2024 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $721 million or $4.02 of diluted earnings per common share.

(Dollars in millions, except per share data) 3Q24 2Q24 3Q23
Earnings Highlights
Net interest income $ 1,726  $ 1,718  $ 1,775 
Taxable-equivalent adjustment 13  13  15 
Net interest income - taxable-equivalent 1,739  1,731  1,790 
Provision for credit losses 120  150  150 
Noninterest income 606  584  560 
Noninterest expense 1,303  1,297  1,278 
Net income 721  655  690 
Net income available to common shareholders - diluted 674  626  664 
Diluted earnings per common share 4.02  3.73  3.98 
Return on average assets - annualized 1.37  % 1.24  % 1.33  %
Return on average common shareholders' equity - annualized 10.26  9.95  10.99 
Average Balance Sheet
Total assets $ 209,581  $ 211,981  $ 205,791 
Interest-bearing deposits at banks 25,491  29,294  26,657 
Investment securities 31,023  29,695  27,993 
Loans and leases, net of unearned discount 134,751  134,588  132,617 
Deposits 161,505  163,491  162,688 
Borrowings 15,428  16,452  12,585 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin 3.62  % 3.59  % 3.79  %
Efficiency ratio (1) 55.0  55.3  53.7 
Net charge-offs to average total loans - annualized .35  .41  .29 
Allowance for credit losses to total loans 1.62  1.63  1.55 
Nonaccrual loans to total loans 1.42  1.50  1.77 
Common equity Tier 1 ("CET1") capital ratio (2) 11.54  11.45  10.95 
Common shareholders' equity per share $ 159.38  $ 153.57  $ 145.72 

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) September 30, 2024 CET1 capital ratio is estimated.


Financial Highlights

•M&T's capital position continues to strengthen as the CET1 capital ratio rose for the sixth consecutive quarter to an estimated 11.54% at September 30, 2024, representing a 9 basis point increase from 11.45% at June 30, 2024. M&T repurchased shares of its common stock for a total cost of $200 million, including the share repurchase excise tax, in the third quarter of 2024.
•Net interest margin of 3.62% in the recent quarter widened from 3.59% in the second quarter of 2024 reflecting higher yields on investment securities and lower funding costs led by a decline in brokered time deposits.
•Growth in average commercial and industrial loans and average consumer loans in the recent quarter was largely offset by a decline in average commercial real estate loans.
•A decline in average deposits in the third quarter of 2024 as compared with the second quarter of 2024 reflects lower average brokered time deposits. The decrease in average borrowings in the recent quarter from the second quarter of 2024 primarily reflects lower average short-term borrowings from the Federal Home Loan Bank ("FHLB") of New York.
•The decline in provision for credit losses in the recent quarter from the second quarter of 2024 reflects lower levels of criticized commercial real estate and commercial and industrial loans, partially offset by commercial and industrial and consumer loan growth.
•The level of nonaccrual loans improved to 1.42% of loans outstanding at September 30, 2024 from 1.50% at June 30, 2024.

Chief Financial Officer Commentary
"M&T’s positive earnings momentum, strong capital position and unyielding focus on delivering for our customers and the communities we serve have positioned the franchise for a strong finish to 2024. I am proud of how our employees have exhibited our core values as we execute on our strategic priorities."

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


Contact:
Investor Relations: Brian Klock 716.842.5138
Media Relations: Frank Lentini 929.651.0447

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 Third Quarter 2024 Results




 Non-GAAP Measures (1)
Change 3Q24 vs. Change 3Q24 vs.
(Dollars in millions, except per share data) 3Q24 2Q24 2Q24 3Q23 3Q23
Net operating income $ 731  $ 665  10  % $ 702  4  %
Diluted net operating earnings per common share 4.08  3.79  8  4.05  1 
Annualized return on average tangible assets 1.45  % 1.31  % 1.41  %
Annualized return on average tangible common equity 15.47  15.27  17.41 
Efficiency ratio 55.0  55.3  53.7 
Tangible equity per common share $ 107.97  $ 102.42  5  $ 93.99  15 

(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 3Q24 vs. Change 3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
Average earning assets $ 191,366  $ 193,676  -1  % $ 187,403  2  %
Average interest-bearing liabilities 130,775  132,209  -1  121,388  8 
Net interest income - taxable-equivalent 1,739  1,731  1  1,790  -3 
Yield on average earning assets 5.82  % 5.82  % 5.62  %
Cost of interest-bearing liabilities 3.22  3.26  2.83 
Net interest spread 2.60  2.56  2.79 
Net interest margin 3.62  3.59  3.79 
Taxable-equivalent net interest income increased $8 million, or 1%, from the second quarter of 2024.
•Average loans and leases increased $163 million and the yield on those loans and leases was unchanged.
•Average investment securities increased $1.3 billion and the rates earned on those securities increased 9 basis points.
•Average interest-bearing deposits decreased $410 million and the rates paid on such deposits declined 2 basis points. Average brokered deposits declined $1.1 billion in the recent quarter.
•Average borrowings declined $1.0 billion and the rates paid on such borrowings were flat.
•Average interest-bearing deposits at banks decreased $3.8 billion.
Taxable-equivalent net interest income decreased $51 million, or 3%, compared with the year-earlier third quarter.
•Average interest-bearing deposits rose $6.5 billion and the rates paid on those deposits increased 34 basis points. Average brokered deposits declined $2.0 billion.
2
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 Third Quarter 2024 Results

•Average borrowings increased $2.8 billion and rates paid on such borrowings increased 40 basis points.
•Average interest bearing deposits at banks decreased $1.2 billion.
•Average investment securities and average loans and leases increased $3.0 billion and $2.1 billion, respectively.
•The yields earned on average investment securities and average loans and leases increased 56 basis points and 19 basis points, respectively.

 Average Earning Assets
Change 3Q24 vs. Change 3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
Interest-bearing deposits at banks $ 25,491  $ 29,294  -13  % $ 26,657  -4  %
Trading account 101  99  2  136  -26 
Investment securities 31,023  29,695  4  27,993  11 
Loans and leases, net of unearned discount
Commercial and industrial 59,779  58,152  3  54,567  10 
Real estate - commercial 29,075  31,458  -8  34,288  -15 
Real estate - consumer 22,994  23,006  —  23,573  -2 
Consumer 22,903  21,972  4  20,189  13 
Total loans and leases, net 134,751  134,588  —  132,617  2 
Total earning assets $ 191,366  $ 193,676  -1  $ 187,403  2 

Average earning assets decreased $2.3 billion, or 1%, from the second quarter of 2024.
•Average interest-bearing deposits at banks decreased $3.8 billion reflecting purchases of investment securities and the run-off of brokered time deposits and short-term FHLB advances.
•Average investment securities increased $1.3 billion primarily due to purchases of fixed rate agency mortgage-backed and U.S. Treasury securities during the third quarter of 2024.
•Average loans and leases increased $163 million primarily reflective of growth in average commercial and industrial loans and leases of $1.6 billion and consumer loans of $931 million, partially offset by a decline in average commercial real estate loans of $2.4 billion. The growth in commercial and industrial loans spanned most industry types.

Average earning assets increased $4.0 billion, or 2%, from the year-earlier third quarter.
•Average interest-bearing deposits at banks decreased $1.2 billion reflecting purchases of investment securities, loan growth and a decline in average deposits, partially offset by higher levels of average borrowings.
•Average investment securities increased $3.0 billion reflecting purchases of fixed rate agency mortgage-backed and U.S. Treasury securities over the past nine months.
•Average loans and leases increased $2.1 billion predominantly due to higher average commercial and industrial loans and leases of $5.2 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 $2.7 billion reflecting higher average recreational finance and automobile loans, partially offset by a $5.2 billion and a $579 million decline in average commercial real estate loans and residential real estate loans, respectively.
3
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 Third Quarter 2024 Results

 Average Interest-bearing Liabilities
Change 3Q24 vs. Change 3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
Interest-bearing deposits
Savings and interest-checking deposits $ 98,295  $ 95,955  2  % $ 89,274  10  %
Time deposits 17,052  19,802  -14  19,528  -13 
Total interest-bearing deposits 115,347  115,757  —  108,802  6 
Short-term borrowings 4,034  4,962  -19  5,346  -25 
Long-term borrowings 11,394  11,490  -1  7,240  57 
Total interest-bearing liabilities $ 130,775  $ 132,209  -1  $ 121,388  8 
Brokered savings and interest-checking
deposits		 $ 8,831  $ 8,193  8  % $ 4,554  94  %
Brokered time deposits 2,114  3,826  -45  8,398  -75 
Total brokered deposits $ 10,945  $ 12,019  -9  $ 12,952  -15 
Average interest-bearing liabilities decreased $1.4 billion, or 1%, from the second quarter of 2024.
•Average borrowings decreased $1.0 billion predominantly due to lower average short-term borrowings from the FHLB of New York in the recent quarter.
•Average interest-bearing deposits decreased $410 million, reflective of a $1.1 billion decrease in average brokered deposits, partially offset by a $664 million increase in average non-brokered deposits.

Average interest-bearing liabilities increased $9.4 billion, or 8%, from the third quarter of 2023.
•Average interest-bearing deposits rose $6.5 billion reflecting an $8.5 billion increase in average non-brokered deposits as customers shifted funds into interest-bearing products amidst the rate environment, partially offset by a $2.0 billion decrease in average brokered deposits.
•Average borrowings increased $2.8 billion reflecting the issuances of senior notes and other long-term debt from the third quarter of 2023 through the third quarter of 2024, partially offset by lower average short-term borrowings.
4
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 Third Quarter 2024 Results

Provision for Credit Losses/Asset Quality
Change
3Q24 vs.		 Change
3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
At end of quarter
Nonaccrual loans $ 1,926  $ 2,024  -5  % $ 2,342  -18  %
Real estate and other foreclosed assets 37  33  14  37  — 
Total nonperforming assets 1,963  2,057  -5  2,379  -17 
Accruing loans past due 90 days or more (1) 288  233  24  354  -19 
Nonaccrual loans as % of loans outstanding 1.42  % 1.50  % 1.77  %
Allowance for credit losses $ 2,204  $ 2,204  —  $ 2,052  7 
Allowance for credit losses as % of loans outstanding 1.62  % 1.63  % 1.55  %
For the period
Provision for credit losses $ 120  $ 150  -20  $ 150  -20 
Net charge-offs 120  137  -12  96  24 
Net charge-offs as % of average loans (annualized) .35  % .41  % .29  %

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

M&T recorded a provision for credit losses of $120 million in the third quarter of 2024 and $150 million in each of 2024's second quarter and 2023's third quarter. The lower provision for credit losses in the most recent quarter as compared with the second quarter of 2024 reflects a decline in commercial real estate and commercial and industrial criticized loans, partially offset by growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. Net charge-offs totaled $120 million in 2024's third quarter as compared with $137 million in 2024's second quarter and $96 million in the year-earlier quarter.
Nonaccrual loans were $1.9 billion at September 30, 2024, $98 million lower than at June 30, 2024 and $416 million lower than at September 30, 2023. The lower level of nonaccrual loans at the recent quarter end as compared with June 30, 2024 and September 30, 2023 was predominantly attributable to a decrease in commercial real estate nonaccrual loans.
5
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 Third Quarter 2024 Results

 Noninterest Income
Change 3Q24 vs. Change 3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
Mortgage banking revenues $ 109  $ 106  3  % $ 105  4  %
Service charges on deposit accounts 132  127  3  121  9 
Trust income 170  170  —  155  9 
Brokerage services income 32  30  2  27  16 
Trading account and other non-hedging
derivative gains		 13  7  109  9  46 
Gain (loss) on bank investment securities (2) (8) —  —  — 
Other revenues from operations 152  152  —  143  7 
Total $ 606  $ 584  4  $ 560  8 
Noninterest income in the third quarter of 2024 increased $22 million, or 4%, from 2024's second quarter.
•Service charges on deposit accounts increased $5 million reflecting a rise in consumer and commercial service charges.
•Trading account and other non-hedging derivative gains increased $6 million reflecting an increase in the market value of supplemental executive retirement plan assets from favorable market conditions and increased activity related to interest rate swap agreements with commercial customers.
•The lower loss on bank investment securities of $6 million in the third quarter of 2024 as compared with the second quarter of 2024 reflected realized losses on sales of certain non-agency investment securities during the second quarter of 2024.
Noninterest income rose $46 million, or 8%, as compared with the year-earlier third quarter.
•Service charges on deposit accounts increased $11 million reflecting higher commercial service charges from pricing changes and increased customer usage of sweep products and a rise in consumer service charges.
•Trust income increased $15 million predominantly due to higher sales and fees from the Company's global capital markets business and improved market performance in the wealth management business.
•Brokerage services income rose $5 million predominantly due to higher annuity sales.
•Other revenues from operations rose $9 million reflecting higher letter of credit and other credit-related fees.
6
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 Third Quarter 2024 Results

 Noninterest Expense
Change 3Q24 vs. Change 3Q24 vs.
(Dollars in millions) 3Q24 2Q24 2Q24 3Q23 3Q23
Salaries and employee benefits $ 775  $ 764  1  % $ 727  7  %
Equipment and net occupancy 125  125  —  131  -5 
Outside data processing and software 123  124  -1  111  11 
Professional and other services 88  91  -4  89  -2 
FDIC assessments 25  37  -32  29  -14 
Advertising and marketing 27  27  —  23  18 
Amortization of core deposit and other intangible assets 12  13  —  15  -15 
Other costs of operations 128  116  10  153  -16 
Total $ 1,303  $ 1,297  —  $ 1,278  2 
Noninterest expense rose $6 million from the second quarter of 2024.
•Salaries and employee benefits expense increased $11 million predominantly reflecting the impact of one additional working day in the recent quarter.
•FDIC assessments decreased $12 million reflecting estimated special assessment expense of $5 million recorded in the second quarter of 2024, related to the FDIC's updated loss estimates associated with certain failed banks.
•Other costs of operations increased $12 million predominantly due to the Company's obligation under various agreements to share in losses stemming from certain litigation of Visa, Inc.
Noninterest expense increased $25 million, or 2%, from the third quarter of 2023.
•Salaries and employee benefits expense increased $48 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 $12 million due to higher software licensing fees and software maintenance expenses.
•Other costs of operations decreased $25 million as a result of lower losses associated with certain retail banking activities.

7
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 Third Quarter 2024 Results

Income Taxes
The Company's effective income tax rate was 20.7% in the third quarter of 2024, compared with 23.4% and 24.0% in the second quarter of 2024 and third quarter of 2023, respectively. The recent quarter income tax expense reflects a discrete tax benefit related to certain tax credits claimed on a prior year tax return.

Capital
3Q24 2Q24 3Q23
CET1 11.54  % (1) 11.45  % 10.95  %
Tier 1 capital 13.08  (1) 13.23  12.27 
Total capital 14.66  (1) 14.88  13.99 
Tangible capital – common 8.83  8.55  7.78 

(1)September 30, 2024 capital ratios 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 $226 million and $47 million, respectively, for the quarter ended September 30, 2024. On August 15, 2024, M&T redeemed all outstanding shares of its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series E) at a redemption price of $350 million. The Company issued $750 million par value of Perpetual 7.5% Non-Cumulative Preferred Stock (Series J) in May 2024. In June 2024, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, on October 1, 2024, M&T's stress capital buffer of 3.8% became effective.
The CET1 capital ratio for M&T was estimated at 11.54% as of September 30, 2024. M&T's total risk-weighted assets at September 30, 2024 are estimated to be $156 billion.
M&T repurchased 1,190,054 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $166.40 resulting in a total cost, including the share repurchase excise tax, of $200 million. No share repurchases occurred in the second quarter of 2024 or third quarter of 2023.

Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #MTBQ324. 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 October 24, 2024 by calling (800) 757-4764, or (402) 220-7226 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 predominantly 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.


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 Third 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.
9
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 Third Quarter 2024 Results

Financial Highlights
Three months ended Nine months ended
September 30, September 30,
(Dollars in millions, except per share, shares in thousands) 2024 2023 Change 2024 2023 Change
Performance
Net income $ 721  $ 690  5  % $ 1,907  $ 2,259  -16  %
Net income available to common shareholders 674  664  2  1,805  2,180  -17 
Per common share:
Basic earnings 4.04  4.00  1  10.83  13.09  -17 
Diluted earnings 4.02  3.98  1  10.78  13.05  -17 
Cash dividends 1.35  1.30  4  4.00  3.90  3 
Common shares outstanding:
Average - diluted (1) 167,567  166,570  1  167,437  167,093  — 
Period end (2) 166,157  165,970  —  166,157  165,970  — 
Return on (annualized):
Average total assets 1.37  % 1.33  % 1.21  % 1.48  %
Average common shareholders' equity 10.26  10.99  9.47  12.33 
Taxable-equivalent net interest income $ 1,739  $ 1,790  -3  $ 5,162  $ 5,434  -5 
Yield on average earning assets 5.82  % 5.62  % 5.79  % 5.41  %
Cost of interest-bearing liabilities 3.22  2.83  3.24  2.39 
Net interest spread 2.60  2.79  2.55  3.02 
Contribution of interest-free funds 1.02  1.00  1.03  .89 
Net interest margin 3.62  3.79  3.58  3.91 
Net charge-offs to average total net loans (annualized) .35  .29  .39  .30 
Net operating results (3)
Net operating income $ 731  $ 702  4  $ 1,939  $ 2,295  -16 
Diluted net operating earnings per common share 4.08  4.05  1  10.97  13.26  -17 
Return on (annualized):
Average tangible assets 1.45  % 1.41  % 1.28  % 1.57  %
Average tangible common equity 15.47  17.41  14.51  19.70 
Efficiency ratio 55.0  53.7  57.0  52.6 
At September 30,
Loan quality 2024 2023 Change
Nonaccrual loans $ 1,926  $ 2,342  -18  %
Real estate and other foreclosed assets 37  37  — 
Total nonperforming assets $ 1,963  $ 2,379  -17 
Accruing loans past due 90 days or more (4) $ 288  $ 354  -19 
Government guaranteed loans included in totals above:
Nonaccrual loans $ 69  $ 40  73 
Accruing loans past due 90 days or more 269  269  — 
Nonaccrual loans to total loans 1.42  % 1.77  %
Allowance for credit losses to total loans 1.62  1.55 
Additional information
Period end common stock price $ 178.12  $ 126.45  41 
Domestic banking offices 957  967  -1 
Full time equivalent employees 21,986  22,424  -2 

(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.

10
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 Third Quarter 2024 Results

Financial Highlights, Five Quarter Trend
Three months ended
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions, except per share, shares in thousands) 2024 2024 2024 2023 2023
Performance
Net income $ 721  $ 655  $ 531  $ 482  $ 690 
Net income available to common shareholders 674  626  505  457  664 
Per common share:
Basic earnings 4.04  3.75  3.04  2.75  4.00 
Diluted earnings 4.02  3.73  3.02  2.74  3.98 
Cash dividends 1.35  1.35  1.30  1.30  1.30 
Common shares outstanding:
Average - diluted (1) 167,567  167,659  167,084  166,731  166,570 
Period end (2) 166,157  167,225  166,724  166,149  165,970 
Return on (annualized):
Average total assets 1.37  % 1.24  % 1.01  % .92  % 1.33  %
Average common shareholders' equity 10.26  9.95  8.14  7.41  10.99 
Taxable-equivalent net interest income $ 1,739  $ 1,731  $ 1,692  $ 1,735  $ 1,790 
Yield on average earning assets 5.82  % 5.82  % 5.74  % 5.73  % 5.62  %
Cost of interest-bearing liabilities 3.22  3.26  3.26  3.17  2.83 
Net interest spread 2.60  2.56  2.48  2.56  2.79 
Contribution of interest-free funds 1.02  1.03  1.04  1.05  1.00 
Net interest margin 3.62  3.59  3.52  3.61  3.79 
Net charge-offs to average total net loans (annualized) .35  .41  .42  .44  .29 
Net operating results (3)
Net operating income $ 731  $ 665  $ 543  $ 494  $ 702 
Diluted net operating earnings per common share 4.08  3.79  3.09  2.81  4.05 
Return on (annualized):
Average tangible assets 1.45  % 1.31  % 1.08  % .98  % 1.41  %
Average tangible common equity 15.47  15.27  12.67  11.70  17.41 
Efficiency ratio 55.0  55.3  60.8  62.1  53.7 
September 30, June 30, March 31, December 31, September 30,
Loan quality 2024 2024 2024 2023 2023
Nonaccrual loans $ 1,926  $ 2,024  $ 2,302  $ 2,166  $ 2,342 
Real estate and other foreclosed assets 37  33  38  39  37 
Total nonperforming assets $ 1,963  $ 2,057  $ 2,340  $ 2,205  $ 2,379 
Accruing loans past due 90 days or more (4) $ 288  $ 233  $ 297  $ 339  $ 354 
Government guaranteed loans included in totals above:
Nonaccrual loans $ 69  $ 64  $ 62  $ 53  $ 40 
Accruing loans past due 90 days or more 269  215  244  298  269 
Nonaccrual loans to total loans 1.42  % 1.50  % 1.71  % 1.62  % 1.77  %
Allowance for credit losses to total loans 1.62  1.63  1.62  1.59  1.55 
Additional information
Period end common stock price $ 178.12  $ 151.36  $ 145.44  $ 137.08  $ 126.45 
Domestic banking offices 957  957  958  961  967 
Full time equivalent employees 21,986  22,110  21,927  21,980  22,424 

(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 18.
(4) Predominantly residential real estate loans.
11
image_0a.jpg
 Third Quarter 2024 Results

Condensed Consolidated Statement of Income
Three months ended Nine months ended
September 30, September 30,
(Dollars in millions) 2024 2023 Change 2024 2023 Change
Interest income $ 2,785  $ 2,641  5  % $ 8,319  $ 7,484  11  %
Interest expense 1,059  866  22  3,195  2,091  53 
Net interest income 1,726  1,775  -3  5,124  5,393  -5 
Provision for credit losses 120  150  -20  470  420  12 
Net interest income after provision for credit losses 1,606  1,625  -1  4,654  4,973  -6 
Other income
Mortgage banking revenues 109  105  4  319  297  7 
Service charges on deposit accounts 132  121  9  383  354  8 
Trust income 170  155  9  500  521  -4 
Brokerage services income 32  27  16  91  76  19 
Trading account and other non-hedging
derivative gains		 13  9  46  29  38  -22 
Gain (loss) on bank investment securities (2) —  —  (8) —  — 
Other revenues from operations 152  143  7  456  664  -31 
Total other income 606  560  8  1,770  1,950  -9 
Other expense
Salaries and employee benefits 775  727  7  2,372  2,273  4 
Equipment and net occupancy 125  131  -5  379  387  -2 
Outside data processing and software 123  111  11  367  323  14 
Professional and other services 88  89  -2  264  314  -16 
FDIC assessments 25  29  -14  122  87  40 
Advertising and marketing 27  23  18  74  82  -10 
Amortization of core deposit and other
intangible assets		 12  15  -15  40  47  -14 
Other costs of operations 128  153  -16  378  417  -9 
Total other expense 1,303  1,278  2  3,996  3,930  2 
Income before taxes 909  907  —  2,428  2,993  -19 
Income taxes 188  217  -13  521  734  -29 
Net income $ 721  $ 690  5  % $ 1,907  $ 2,259  -16  %

12
image_0a.jpg
 Third Quarter 2024 Results

Condensed Consolidated Statement of Income, Five Quarter Trend
Three months ended
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions) 2024 2024 2024 2023 2023
Interest income $ 2,785  $ 2,789  $ 2,745  $ 2,740  $ 2,641 
Interest expense 1,059  1,071  1,065  1,018  866 
Net interest income 1,726  1,718  1,680  1,722  1,775 
Provision for credit losses 120  150  200  225  150 
Net interest income after provision for credit losses 1,606  1,568  1,480  1,497  1,625 
Other income
Mortgage banking revenues 109  106  104  112  105 
Service charges on deposit accounts 132  127  124  121  121 
Trust income 170  170  160  159  155 
Brokerage services income 32  30  29  26  27 
Trading account and other non-hedging
derivative gains		 13  7  9  11  9 
Gain (loss) on bank investment securities (2) (8) 2  4  — 
Other revenues from operations 152  152  152  145  143 
Total other income 606  584  580  578  560 
Other expense
Salaries and employee benefits 775  764  833  724  727 
Equipment and net occupancy 125  125  129  134  131 
Outside data processing and software 123  124  120  114  111 
Professional and other services 88  91  85  99  89 
FDIC assessments 25  37  60  228  29 
Advertising and marketing 27  27  20  26  23 
Amortization of core deposit and other
intangible assets		 12  13  15  15  15 
Other costs of operations 128  116  134  110  153 
Total other expense 1,303  1,297  1,396  1,450  1,278 
Income before taxes 909  855  664  625  907 
Income taxes 188  200  133  143  217 
Net income $ 721  $ 655  $ 531  $ 482  $ 690 

13
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 Third Quarter 2024 Results

Condensed Consolidated Balance Sheet
September 30,
(Dollars in millions) 2024 2023 Change
ASSETS
Cash and due from banks $ 2,216  $ 1,769  25  %
Interest-bearing deposits at banks 24,417  30,114  -19 
Trading account 102  137  -25 
Investment securities 32,327  27,336  18 
Loans and leases, net of unearned discount:
Commercial and industrial 61,012  54,891  11 
Real estate - commercial 28,683  33,741  -15 
Real estate - consumer 23,019  23,448  -2 
Consumer 23,206  20,275  14 
Total loans and leases, net 135,920  132,355  3 
Less: allowance for credit losses 2,204  2,052  7 
Net loans and leases 133,716  130,303  3 
Goodwill 8,465  8,465  — 
Core deposit and other intangible assets 107  162  -34 
Other assets 10,435  10,838  -4 
Total assets $ 211,785  $ 209,124  1  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 47,344  $ 53,787  -12  %
Interest-bearing deposits 117,210  110,341  6 
Total deposits 164,554  164,128  — 
Short-term borrowings 2,605  6,731  -61 
Accrued interest and other liabilities 4,167  4,946  -16 
Long-term borrowings 11,583  7,123  63 
Total liabilities 182,909  182,928  — 
Shareholders' equity:
Preferred 2,394  2,011  19 
Common 26,482  24,185  9 
Total shareholders' equity 28,876  26,196  10 
Total liabilities and shareholders' equity $ 211,785  $ 209,124  1  %
14
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 Third Quarter 2024 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions) 2024 2024 2024 2023 2023
ASSETS
Cash and due from banks $ 2,216  $ 1,778  $ 1,695  $ 1,731  $ 1,769 
Interest-bearing deposits at banks 24,417  24,792  32,144  28,069  30,114 
Trading account 102  99  99  106  137 
Investment securities 32,327  29,894  28,496  26,897  27,336 
Loans and leases, net of unearned discount:
Commercial and industrial 61,012  60,027  57,897  57,010  54,891 
Real estate - commercial 28,683  29,532  32,416  33,003  33,741 
Real estate - consumer 23,019  23,003  23,076  23,264  23,448 
Consumer 23,206  22,440  21,584  20,791  20,275 
Total loans and leases, net 135,920  135,002  134,973  134,068  132,355 
Less: allowance for credit losses 2,204  2,204  2,191  2,129  2,052 
Net loans and leases 133,716  132,798  132,782  131,939  130,303 
Goodwill 8,465  8,465  8,465  8,465  8,465 
Core deposit and other intangible assets 107  119  132  147  162 
Other assets 10,435  10,910  11,324  10,910  10,838 
Total assets $ 211,785  $ 208,855  $ 215,137  $ 208,264  $ 209,124 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 47,344  $ 47,729  $ 50,578  $ 49,294  $ 53,787 
Interest-bearing deposits 117,210  112,181  116,618  113,980  110,341 
Total deposits 164,554  159,910  167,196  163,274  164,128 
Short-term borrowings 2,605  4,764  4,795  5,316  6,731 
Accrued interest and other liabilities 4,167  4,438  4,527  4,516  4,946 
Long-term borrowings 11,583  11,319  11,450  8,201  7,123 
Total liabilities 182,909  180,431  187,968  181,307  182,928 
Shareholders' equity:
Preferred 2,394  2,744  2,011  2,011  2,011 
Common 26,482  25,680  25,158  24,946  24,185 
Total shareholders' equity 28,876  28,424  27,169  26,957  26,196 
Total liabilities and shareholders' equity $ 211,785  $ 208,855  $ 215,137  $ 208,264  $ 209,124 
15
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 Third Quarter 2024 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three months ended Change in balance Nine months ended
September 30, June 30, September 30, September 30, 2024 from September 30, Change
(Dollars in millions) 2024 2024 2023 June 30, September 30, 2024 2023 in
Balance Rate Balance Rate Balance Rate 2024 2023 Balance Rate Balance Rate balance
ASSETS
Interest-bearing deposits at banks $ 25,491  5.43  % $ 29,294  5.50  % $ 26,657  5.40  % -13  % -4  % $ 28,467  5.48  % $ 24,871  5.07  % 14  %
Trading account 101  3.40  99  3.47  136  4.05  2  -26  102  3.43  136  3.02  -25 
Investment securities 31,023  3.70  29,695  3.61  27,993  3.14  4  11  29,773  3.54  28,081  3.08  6 
Loans and leases, net of unearned
     discount:
Commercial and industrial 59,779  7.01  58,152  7.04  54,567  6.86  3  10  58,256  7.01  53,877  6.60  8 
Real estate - commercial 29,075  6.27  31,458  6.38  34,288  6.50  -8  -15  31,069  6.34  34,823  6.26  -11 
Real estate - consumer 22,994  4.41  23,006  4.32  23,573  4.14  —  -2  23,045  4.33  23,707  4.06  -3 
Consumer 22,903  6.72  21,972  6.61  20,189  6.16  4  13  22,009  6.63  20,320  5.90  8 
Total loans and leases, net 134,751  6.38  134,588  6.38  132,617  6.19  —  2  134,379  6.36  132,727  5.98  1 
Total earning assets 191,366  5.82  193,676  5.82  187,403  5.62  -1  2  192,721  5.79  185,815  5.41  4 
Goodwill 8,465  8,465  8,465  —  —  8,465  8,476  — 
Core deposit and other intangible assets 113  126  170  -10  -33  126  185  -32 
Other assets 9,637  9,714  9,753  -1  -1  9,696  9,790  -1 
Total assets $ 209,581  $ 211,981  $ 205,791  -1  % 2  % $ 211,008  $ 204,266  3  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
     deposits		 $ 98,295  2.65  % $ 95,955  2.59  % $ 89,274  2.20  % 2  % 10  % $ 96,379  2.62  % $ 88,184  1.73  % 9  %
Time deposits 17,052  4.19  19,802  4.41  19,528  4.09  -14  -13  19,138  4.34  15,751  3.74  22 
Total interest-bearing deposits 115,347  2.88  115,757  2.90  108,802  2.54  —  6  115,517  2.90  103,935  2.03  11 
Short-term borrowings 4,034  5.60  4,962  5.62  5,346  5.16  -19  -25  5,071  5.53  5,961  5.01  -15 
Long-term borrowings 11,394  5.83  11,490  5.83  7,240  5.52  -1  57  10,887  5.82  7,092  5.42  54 
Total interest-bearing liabilities 130,775  3.22  132,209  3.26  121,388  2.83  -1  8  131,475  3.24  116,988  2.39  12 
Noninterest-bearing deposits 46,158  47,734  53,886  -3  -14  47,498  57,277  -17 
Other liabilities 3,923  4,293  4,497  -9  -13  4,202  4,305  -2 
Total liabilities 180,856  184,236  179,771  -2  1  183,175  178,570  3 
Shareholders' equity 28,725  27,745  26,020  4  10  27,833  25,696  8 
Total liabilities and shareholders' equity $ 209,581  $ 211,981  $ 205,791  -1  % 2  % $ 211,008  $ 204,266  3  %
Net interest spread 2.60  2.56  2.79  2.55  3.02 
Contribution of interest-free funds 1.02  1.03  1.00  1.03  0.89 
Net interest margin 3.62  % 3.59  % 3.79  % 3.58  % 3.91  %
16
image_0a.jpg
 Third Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 721  $ 690  $ 1,907  $ 2,259 
Amortization of core deposit and other intangible assets (1) 10  12  32  36 
Net operating income $ 731  $ 702  $ 1,939  $ 2,295 
Earnings per common share
Diluted earnings per common share $ 4.02  $ 3.98  $ 10.78  $ 13.05 
Amortization of core deposit and other intangible assets (1) .06  .07  .19  .21 
Diluted net operating earnings per common share $ 4.08  $ 4.05  $ 10.97  $ 13.26 
Other expense
Other expense $ 1,303  $ 1,278  $ 3,996  $ 3,929 
Amortization of core deposit and other intangible assets (12) (15) (40) (47)
Noninterest operating expense $ 1,291  $ 1,263  $ 3,956  $ 3,882 
Efficiency ratio
Noninterest operating expense (numerator) $ 1,291  $ 1,263  $ 3,956  $ 3,882 
Taxable-equivalent net interest income $ 1,739  $ 1,790  $ 5,162  $ 5,434 
Other income 606  560  1,770  1,950 
Less: Gain (loss) on bank investment securities (2) —  (8) — 
Denominator $ 2,347  $ 2,350  $ 6,940  $ 7,384 
Efficiency ratio 55.0  % 53.7  % 57.0  % 52.6  %
Balance sheet data
Average assets
Average assets $ 209,581  $ 205,791  $ 211,008  $ 204,266 
Goodwill (8,465) (8,465) (8,465) (8,476)
Core deposit and other intangible assets (113) (170) (126) (185)
Deferred taxes 28  43  30  46 
Average tangible assets $ 201,031  $ 197,199  $ 202,447  $ 195,651 
Average common equity
Average total equity $ 28,725  $ 26,020  $ 27,833  $ 25,696 
Preferred stock (2,565) (2,011) (2,328) (2,011)
Average common equity 26,160  24,009  25,505  23,685 
Goodwill (8,465) (8,465) (8,465) (8,476)
Core deposit and other intangible assets (113) (170) (126) (185)
Deferred taxes 28  43  30  46 
Average tangible common equity $ 17,610  $ 15,417  $ 16,944  $ 15,070 
At end of quarter
Total assets
Total assets $ 211,785  $ 209,124 
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (107) (162)
Deferred taxes 30  41 
Total tangible assets $ 203,243  $ 200,538 
Total common equity
Total equity $ 28,876  $ 26,197 
Preferred stock (2,394) (2,011)
Common equity 26,482  24,186 
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (107) (162)
Deferred taxes 30  41 
Total tangible common equity $ 17,940  $ 15,600 

(1) After any related tax effect.
17
image_0a.jpg
 Third Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three months ended
September 30, June 30, March 31, December 31, September 30,
2024 2024 2024 2023 2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 721  $ 655  $ 531  $ 482  $ 690 
Amortization of core deposit and other intangible assets (1) 10  10  12  12  12 
Net operating income $ 731  $ 665  $ 543  $ 494  $ 702 
Earnings per common share
Diluted earnings per common share $ 4.02  $ 3.73  $ 3.02  $ 2.74  $ 3.98 
Amortization of core deposit and other intangible assets (1) .06  .06  .07  .07  .07 
Diluted net operating earnings per common share $ 4.08  $ 3.79  $ 3.09  $ 2.81  $ 4.05 
Other expense
Other expense $ 1,303  $ 1,297  $ 1,396  $ 1,450  $ 1,278 
Amortization of core deposit and other intangible assets (12) (13) (15) (15) (15)
Noninterest operating expense $ 1,291  $ 1,284  $ 1,381  $ 1,435  $ 1,263 
Efficiency ratio
Noninterest operating expense (numerator) $ 1,291  $ 1,284  $ 1,381  $ 1,435  $ 1,263 
Taxable-equivalent net interest income $ 1,739  $ 1,731  $ 1,692  $ 1,735  $ 1,790 
Other income 606  584  580  578  560 
Less: Gain (loss) on bank investment securities (2) (8) 2  4  — 
Denominator $ 2,347  $ 2,323  $ 2,270  $ 2,309  $ 2,350 
Efficiency ratio 55.0  % 55.3  % 60.8  % 62.1  % 53.7  %
Balance sheet data
Average assets
Average assets $ 209,581  $ 211,981  $ 211,478  $ 208,752  $ 205,791 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (113) (126) (140) (154) (170)
Deferred taxes 28  30  33  39  43 
Average tangible assets $ 201,031  $ 203,420  $ 202,906  $ 200,172  $ 197,199 
Average common equity
Average total equity $ 28,725  $ 27,745  $ 27,019  $ 26,500  $ 26,020 
Preferred stock (2,565) (2,405) (2,011) (2,011) (2,011)
Average common equity 26,160  25,340  25,008  24,489  24,009 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (113) (126) (140) (154) (170)
Deferred taxes 28  30  33  39  43 
Average tangible common equity $ 17,610  $ 16,779  $ 16,436  $ 15,909  $ 15,417 
At end of quarter
Total assets
Total assets $ 211,785  $ 208,855  $ 215,137  $ 208,264  $ 209,124 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (107) (119) (132) (147) (162)
Deferred taxes 30  31  34  37  41 
Total tangible assets $ 203,243  $ 200,302  $ 206,574  $ 199,689  $ 200,538 
Total common equity
Total equity $ 28,876  $ 28,424  $ 27,169  $ 26,957  $ 26,197 
Preferred stock (2,394) (2,744) (2,011) (2,011) (2,011)
Common equity 26,482  25,680  25,158  24,946  24,186 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (107) (119) (132) (147) (162)
Deferred taxes 30  31  34  37  41 
Total tangible common equity $ 17,940  $ 17,127  $ 16,595  $ 16,371  $ 15,600 

(1) After any related tax effect.
18
EX-99.2 3 earningspresentation_3q2.htm EX-99.2 earningspresentation_3q2
Earnings Results 3rd Quarter 2024 October 17, 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. Forward-Looking Statements and Non-GAAP Financial Measures

 
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

 
4 Making a positive impact on our communities, customers, and colleagues 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 September 30, 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. (2) Until M&T reaches carbon neutrality Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights • 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 16th 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 • $671 million made in environmental sustainable finance loans and investments • Reduced combined scope 1 and 2 emissions by 8.5% YoY • Updated goal: Offset 100% of electricity use with Renewable Energy by 2030 (2) • Updated goal: Carbon neutral by 2035 including Scope 1 and 2 (Market) GHG emissions, with interim reduction targets based on our 2023 baseline: – 20% reduction by 2027 – 45% reduction by 2030

 
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 Commerce Magazine - Companies That Care Association for Talent Development

 
6 Financial Results

 
7 • Diluted EPS increased +8% QoQ • Net Interest Margin widened +3 bps QoQ • Provision for Credit Losses declined -20% QoQ Notable items ($ in millions, except per share) 3Q24 2Q24 3Q23 Amt EPS Amt EPS Amt EPS Discrete Tax Benefit(1) $14 $0.08 $— $— $— $— FDIC Special Assessment(2) $— $— $5 $0.02 $— $— Third Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 3Q24 2Q24 3Q23 Revenues $2,332 $2,302 $2,335 Noninterest Expense $1,303 $1,297 $1,278 Provision for Credit Losses $120 $150 $150 Net Income $721 $655 $690 Diluted EPS $4.02 $3.73 $3.98 Return on Assets 1.37% 1.24% 1.33% Return on Common Equity 10.26% 9.95% 10.99% Net Interest Margin 3.62% 3.59% 3.79% Net Charge-offs % Avg Loans .35% .41% .29% Note: (1) In Q1 2024, a net discrete tax benefit of $17 million ($0.10 earnings per share) was recognized. (2) Amount 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. Third Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 3Q24 2Q24 3Q23 Net Operating Income $731 $665 $702 Diluted Net Operating EPS $4.08 $3.79 $4.05 Efficiency Ratio 55.0% 55.3% 53.7% Net Operating ROTA 1.45% 1.31% 1.41% Net Operating ROTCE 15.47% 15.27% 17.41% Tangible Book Value per Share (2) $107.97 $102.42 $93.99 • Net Operating ROTA increased +14 bps QoQ • Net Operating ROTCE increased +20 bps QoQ • Tangible Book Value per Share increased +5% QoQ

 
9 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$8 million or +1% QoQ – Day count – Favorable impact from repricing in the investment securities and consumer loan portfolios – Earning assets remix – Lower nonaccrual interest – Run-off of brokered time deposits • Net interest margin rose +3 bps QoQ to 3.62% – Fixed rate earning assets repricing, mostly in the investment portfolio and consumer loans (+3 bps) – Earning assets mix shift (+3 bps) – Deposit and wholesale funding mix (+2 bps) – Lower nonaccrual interest (-4 bps) – All other items (-1 bp) 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 $1,790 $1,735 $1,692 $1,731 $1,739 3.79% 3.61% 3.52% 3.59% 3.62% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 3Q23 4Q23 1Q24 2Q24 3Q24

 
10 Change 3Q24 vs Average Balances, $ in billions, except per share 3Q24 2Q24 3Q23 2Q24 3Q23 Interest-bearing Deposits at Banks $25.5 $29.3 $26.7 -13% -4% Investment Securities $31.0 $29.7 $28.0 4% 11% Commercial and Industrial (“C&I”) $59.8 $58.1 $54.5 3% 10% Commercial Real Estate (“CRE”) $29.1 $31.5 $34.3 -8% -15% Residential Mortgage $23.0 $23.0 $23.6 — -2% Consumer $22.9 $22.0 $20.2 4% 13% Total Loans $134.8 $134.6 $132.6 — 2% Earning Assets $191.4 $193.7 $187.4 -1% 2% Deposits $161.5 $163.5 $162.7 -1% -1% Borrowings $15.4 $16.5 $12.6 -6% 23% Common Shareholders’ Equity $26.2 $25.3 $24.0 3% 9% As of Quarter End Common Shareholders' Equity per Share $159.38 $153.57 $145.72 4% 9% Tangible Equity per Common Share(1) $107.97 $102.42 $93.99 5% 15% Tangible Common Equity / Tangible Assets(1) 8.83 % 8.55 % 7.78 % 28 bps 105 bps Common Equity Tier 1 ("CET1") Capital Ratio 11.54 % 11.45 % 10.95 % 9 bps 59 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2024 CET1 ratio is estimated. (3) Includes share repurchase excise tax. (2) • Capital levels strong with CET1 ratio of 11.54%(2) • Repurchased $200 million(3) of shares in 3Q24

 
11 Balance Sheet – Average Loans QoQ Drivers Average loans +$163 million or less than +1% QoQ: • C&I loans increased +3% (+$1.6 billion), driven by continued growth spanning most industry types • CRE loans declined -8% (-$2.4 billion), reflecting continued low origination activity and paydowns as we continue to manage our CRE loan concentration, which approximated 148% of Tier 1 capital plus allowable allowance for credit losses at 9/30/2024 • Consumer loans rose +4% (+$931 million), driven by sustained growth in recreational finance and automobile loans $ IN B IL LI O N S $54.5 $55.4 $56.8 $58.1 $59.8 $34.3 $33.5 $32.7 $31.5 $29.1 $23.6 $23.3 $23.1 $23.0 $23.0 $20.2 $20.6 $21.2 $22.0 $22.9 $132.6 $132.8 $133.8 $134.6 $134.8 6.19% 6.33% 6.32% 6.38% 6.38% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 3Q23 4Q23 1Q24 2Q24 3Q24

 
12 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.3 years $68 million HTM ~5.2 years $(796) million Total Debt Securities ~3.6 years $(728) million $ IN B IL LI O N S Average Investment Securities and Yield $28.0 $27.5 $28.6 $29.7 $31.0 3.14% 3.13% 3.30% 3.61% 3.70% 3Q23 4Q23 1Q24 2Q24 3Q24 Cash 4% Interest- bearing deposits at banks 41% Other Securities 2% HTM Securities 25% AFS Securities 28% $59.0B TOTAL Yield up +9 bps Securities and Cash - at 9/30/24

 
13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$2.0 billion or -1% QoQ: • Decline in the balance and rates on brokered time deposits • Cost of total interest-bearing deposits declined -2 bps • Average interest-bearing deposits declined -$410 million; brokered deposits decreased -$1.1 billion, partially offset by an increase of +$664 million in non- brokered deposits • Strong deposit growth in the second half of the recent quarter. Deposit balances at 9/30/2024 up +$4 billion from 6/30/2024, excluding brokered deposits $ IN B IL LI O N S $53.9 $50.1 $48.6 $47.7 $46.2 $89.3 $93.4 $94.9 $96.0 $98.3 $19.5 $21.2 $20.6 $19.8 $17.0 $162.7 $164.7 $164.1 $163.5 $161.5 1.70% 2.01% 2.06% 2.06% 2.06% Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits Total Deposit Cost 3Q23 4Q23 1Q24 2Q24 3Q24

 
14 $ IN M IL LI O N S $560 $578 $580 $584 $606 Noninterest Income 3Q23 4Q23 1Q24 2Q24 3Q24 Change 3Q24 vs $ in millions 3Q24 2Q24 3Q23   2Q24 3Q23 Mortgage Banking Revenues $109 $106 $105 3% 4% Service Charges on Deposits $132 $127 $121 3% 9% Trust Income $170 $170 $155 — 9% Brokerage Services $32 $30 $27 2% 16% Non-hedge Derivatives / Trading $13 $7 $9 109% 46% Securities Gain/(Loss) $(2) $(8) $— — — Other Revenues from Operations $152 $152 $143 — 7% Noninterest Income $606 $584 $560   4% 8% Income Statement – Noninterest Income Noninterest income increased +$22 million or +4% QoQ: • Service charges on deposits increased $5 million QoQ: – Rise in consumer and commercial service charges • Trading account and other non-hedging derivative gains increased +$6 million QoQ: – Increased market value of supplemental executive retirement plan assets – Increased interest rate swap activity with commercial customers • Lower loss on bank investment securities (+$6 million QoQ) reflects 2Q24 losses on sales of non-agency investment securities QoQ Drivers

 
15 Change 3Q24 vs $ in millions 3Q24 2Q24 3Q23 2Q24 3Q23 Salaries & Benefits(3) $775 $764 $727 1% 7% Equip & Occupancy $125 $125 $131 — -5% Outside Data Proc & SW $123 $124 $111 -1% 11% Professional & Other Services $88 $91 $89 -4% -2% FDIC Assessments $25 $37 $29 -32% -14% Advert. & Marketing $27 $27 $23 — 18% Other Costs of Operations $128 $116 $153 10% -16% Operating Expense(1) $1,291 $1,284 $1,263 — 2% Intangible Amortization $12 $13 $15 — -15% Total Noninterest Expense $1,303 $1,297 $1,278   — 2% Income Statement – Noninterest Expenses Noninterest expense increased +$6 million QoQ: • Salaries and employee benefits expense up +$11 million QoQ: – Predominantly driven by one additional working day • FDIC assessments decreased -$12 million QoQ: – 2Q24 FDIC special assessment of $5 million • Other costs of operations increased +$12 million QoQ: – Driven by obligation under various agreements to share in losses stemming from certain litigation of Visa, Inc ($10 million) 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) Adjusted efficiency ratio excludes $197 million, $29 million and $5 million FDIC special assessment from the numerator for 4Q23, 1Q24 and 2Q24, respectively. (3) Severance charges for 3Q24, 2Q24 and 3Q23 were $5 million, $7 million and $6 million, respectively. QoQ Drivers $ IN M IL LI O N S $1,263 $1,435 $1,381 $1,284 $1,291 $1,278 $1,450 $1,396 $1,297 $1,303 53.7% 62.1% 60.8% 55.3% 55.0% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted Efficiency 59.6%(2) Adjusted Efficiency 53.6%(2) Adjusted Efficiency 55.1%(2) FDIC special assessment(2)

 
16 $ IN M IL LI O N S Nonaccrual Loans $2,342 $2,166 $2,302 $2,024 $1,926 1.77% 1.62% 1.71% 1.50% 1.42% Nonaccrual Loans ($) Nonaccrual Loans (%) 3Q23 4Q23 1Q24 2Q24 3Q24 $ IN M IL LI O N S Net Charge-offs $96 $148 $138 $137 $120 0.29% 0.44% 0.42% 0.41% 0.35% Net Charge-offs ($) Net Charge-off Ratio (%) 3Q23 4Q23 1Q24 2Q24 3Q24 Credit $ IN M IL LI O N S Allowance for Credit Losses $2,052 $2,129 $2,191 $2,204 $2,204 1.55% 1.59% 1.62% 1.63% 1.62% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 3Q23 4Q23 1Q24 2Q24 3Q24 $ IN M IL LI O N S Provision for Credit Losses $150 $225 $200 $150 $120 3Q23 4Q23 1Q24 2Q24 3Q24

 
17 Criticized C&I and CRE Loans Criticized loans decreased -$1.2 billion QoQ : • C&I decreased -$315 million – Driven predominantly by motor vehicle and recreational finance dealers and manufacturing • CRE decreased -$831 million – Permanent CRE -$525 million – Construction -$306 million • 96% of criticized accrual loans are current • 57% 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 ~22% $ IN B IL LI O N S $11.1 $12.6 $12.9 $12.1 $10.9 12.5% 14.0% 14.3% 13.5% 12.2% Criticized Criticized % of C&I and CRE Loans 3Q23 4Q23 1Q24 2Q24 3Q24

 
18 Criticized C&I Loans September 30, 2024 June 30, 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 $11,056 $119 $15 $134 $11,129 $129 $1 $130 Services 7,635 337 119 456 7,487 296 115 411 Motor vehicle and recreational finance dealers 6,652 560 97 657 6,454 694 120 814 Manufacturing 6,231 429 109 538 6,313 511 101 612 Wholesale 4,086 253 28 281 4,090 277 31 308 Transportation, communications, utilities 3,770 282 69 351 3,499 288 69 357 Retail 3,083 75 23 98 3,048 87 31 118 Construction 2,226 154 54 208 2,301 158 63 221 Health services 1,933 209 32 241 1,937 230 36 266 Real estate investors 1,641 150 4 154 1,566 159 4 163 Other 1,730 98 53 151 1,517 101 48 149 Total commercial and industrial excluding owner-occupied real estate $50,043 $2,666 $603 $3,269 $49,341 $2,930 $619 $3,549 Owner-occupied real estate by industry: Services $2,336 $169 $43 $212 $2,211 $129 $35 $164 Motor vehicle and recreational finance dealers 2,072 42 10 52 1,957 50 12 62 Retail 1,617 66 18 84 1,614 127 12 139 Health services 1,432 259 81 340 1,339 285 66 351 Wholesale 865 26 4 30 919 31 3 34 Manufacturing 844 49 23 72 813 52 25 77 Real estate investors 773 44 15 59 771 37 15 52 Other 1,030 52 13 65 1,062 52 18 70 Total owner-occupied real estate 10,969 707 207 914 10,686 763 186 949 Total $61,012 $3,373 $810 $4,183 $60,027 $3,693 $805 $4,498 Percent criticized - excluding owner-occupied real estate 6.5 % 7.2 % Percent criticized - owner-occupied real estate 8.3 % 8.9 % Percent criticized - total commercial and industrial 6.9 % 7.5 %

 
19 Criticized CRE Loans September 30, 2024 June 30, 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 $6,291 $884 $120 $1,004 $5,824 $882 $108 $990 Retail/Service 5,040 734 134 868 5,257 774 163 937 Office 4,413 1,177 131 1,308 4,484 1,070 145 1,215 Health services 2,286 734 29 763 2,752 1,100 109 1,209 Hotel 2,133 375 146 521 2,279 430 165 595 Industrial/Warehouse 1,949 143 16 159 1,896 172 16 188 Other 259 57 2 59 274 72 1 73 Total permanent 22,371 4,104 578 4,682 22,766 4,500 707 5,207 Construction/Development 6,312 1,957 86 2,043 6,766 2,270 79 2,349 Total commercial real estate $28,683 $6,061 $664 $6,725 $29,532 $6,770 $786 $7,556 Percent criticized - total commercial real estate 23.4 % 25.6 %

 
20 CET1 10.95% 10.98% 11.08% 11.45% 11.54% 3Q23 4Q23 1Q24 2Q24 3Q24 TBVPS $93.99 $98.54 $99.54 $102.42 $107.97 3Q23 4Q23 1Q24 2Q24 3Q24 Capital • CET1 capital ratio increased +9 bps to 11.54%(1) at 3Q24 • Tangible book value per share increased +5% to $107.97 • Stress capital buffer improved to 3.8% from 4.0% effective October 1, 2024(3) Note: (1) September 30, 2024 CET1 ratio is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. (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 +28 bps to 8.83% at the end of 3Q24 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by ~(4) bps at the end of 3Q24 (1) (2)

 
21 4Q24 Outlook 4Q24 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $1,730 million + • NIM in the low 3.60s • Reflects two 25 basis point rate cuts • Range primarily dependent on deposit trends and loan growth Fee Income $595 million to $605 million • Continued strength in trust and mortgage GAAP Expense Includes intangible amortization $1,310 million to $1,330 million • Continued focus on managing expense, while investing in enterprise priorities Net Charge-Offs % of Average Loans ~40 basis points • In line with FY outlook, may be lumpy (+/-) Tax Rate Taxable-equivalent 24.0% to 24.5% A ve ra ge B al an ce s Loans $136 billion +/- • Growth in C&I and consumer, declines in CRE and residential mortgage Deposits $160 billion + • Focus on growing customer deposits Share Repurchases $200 million Preferred Dividends ~$36 million • Reflects expected run rate

 
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 3Q23 4Q23 1Q24 2Q24 3Q24 Net income Net income $690 $482 $531 $655 $721 Amortization of core deposits and other intangible assets (1) 12 12 12 10 10 Net operating income $702 $494 $543 $665 $731 Earnings per common share Diluted earnings per common share $3.98 $2.74 $3.02 $3.73 $4.02 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.07 0.06 0.06 Diluted net operating earnings per common share $4.05 $2.81 $3.09 $3.79 $4.08

 
25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 3Q23 4Q23 1Q24 2Q24 3Q24 Other expense Other expense $1,278 $1,450 $1,396 $1,297 $1,303 Amortization of core deposit and other intangible assets (15) (15) (15) (13) (12) Noninterest operating expense $1,263 $1,435 $1,381 $1,284 $1,291 Efficiency ratio Noninterest operating expense (numerator) $1,263 $1,435 $1,381 $1,284 $1,291 Taxable-equivalent net interest income 1,790 1,735 1,692 1,731 1,739 Other income 560 578 580 584 606 Less: Gain (loss) on bank investment securities — 4 2 (8) (2) Denominator $2,350 $2,309 $2,270 $2,323 $2,347 Efficiency ratio 53.7 % 62.1 % 60.8 % 55.3 % 55.0 %

 
26 Appendix In millions 3Q23 4Q23 1Q24 2Q24 3Q24 Average assets Average assets $205,791 $208,752 $211,478 $211,981 $209,581 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (170) (154) (140) (126) (113) Deferred taxes 43 39 33 30 28 Average tangible assets $197,199 $200,172 $202,906 $203,420 $201,031 Average common equity Average total equity $26,020 $26,500 $27,019 $27,745 $28,725 Preferred stock (2,011) (2,011) (2,011) (2,405) (2,565) Average common equity 24,009 24,489 25,008 25,340 26,160 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (170) (154) (140) (126) (113) Deferred taxes 43 39 33 30 28 Average tangible common equity $15,417 $15,909 $16,436 $16,779 $17,610 GAAP to Tangible (Non-GAAP) Reconciliation

 
27 Appendix In millions 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Total assets Total assets $209,124 $208,264 $215,137 $208,855 $211,785 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (162) (147) (132) (119) (107) Deferred taxes 41 37 34 31 30 Total tangible assets $200,538 $199,689 $206,574 $200,302 $203,243 Total common equity Total equity $26,197 $26,957 $27,169 $28,424 $28,876 Preferred stock (2,011) (2,011) (2,011) (2,744) (2,394) Common equity 24,186 24,946 25,158 25,680 26,482 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (162) (147) (132) (119) (107) Deferred taxes 41 37 34 31 30 Total tangible common equity $15,600 $16,371 $16,595 $17,127 $17,940 GAAP to Tangible (Non-GAAP) Reconciliation