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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): April 14, 2025
___________________________________
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 Fixed Rate 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 April 14, 2025, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended March 31, 2025. 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 April 14, 2025, 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: April 14, 2025
By:
 /s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer


EX-99.1 2 ex991release1q25.htm EX-99.1 Document
Exhibit 99.1
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News Release
 One M&T Plaza, Buffalo, NY 14203 April 14, 2025
M&T Bank Corporation (NYSE:MTB) announces first quarter 2025 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $584 million or $3.32 of diluted earnings per common share.

(Dollars in millions, except per share data) 1Q25 4Q24 1Q24
Earnings Highlights
Net interest income $ 1,695  $ 1,728  $ 1,680 
Taxable-equivalent adjustment 12  12  12 
Net interest income - taxable-equivalent 1,707  1,740  1,692 
Provision for credit losses 130  140  200 
Noninterest income 611  657  580 
Noninterest expense 1,415  1,363  1,396 
Net income 584  681  531 
Net income available to common shareholders - diluted 547  644  505 
Diluted earnings per common share 3.32  3.86  3.02 
Return on average assets - annualized 1.14  % 1.28  % 1.01  %
Return on average common shareholders' equity - annualized 8.36  9.75  8.14 
Average Balance Sheet
Total assets $ 208,321  $ 211,853  $ 211,478 
Interest-bearing deposits at banks 19,695  23,602  30,647 
Investment securities 34,480  33,679  28,587 
Loans and leases 134,844  135,723  133,796 
Deposits 161,220  164,639  164,065 
Borrowings 14,154  14,228  16,001 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin 3.66  % 3.58  % 3.52  %
Efficiency ratio (1) 60.5  56.8  60.8 
Net charge-offs to average total loans - annualized .34  .47  .42 
Allowance for credit losses to total loans 1.63  1.61  1.62 
Nonaccrual loans to total loans 1.14  1.25  1.71 
Common equity Tier 1 ("CET1") capital ratio (2) 11.50  11.68  11.08 
Common shareholders' equity per share $ 163.62  $ 160.90  $ 150.90 

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at March 31, 2025 is estimated.

Financial Highlights
•Net interest margin widened to 3.66% in the recent quarter as compared with 3.58% in the fourth quarter of 2024 reflecting lower levels of average earning assets. Lower funding costs associated with interest-bearing deposits and short-term borrowings were partially offset by a decline in the yields received on average interest-bearing deposits at banks and average loans and leases.
•Average loans and leases in the recent quarter reflect a lower average balance of commercial real estate loans, partially offset by modest increases in the average balances of commercial and industrial, residential real estate and consumer loans.
•First quarter average deposits reflect maturities of brokered time deposits and a seasonal decline in commercial customer deposits.
•The recent quarter decline in noninterest income reflects a distribution from M&T's investment in Bayview Lending Group, LLC ("BLG") and net gains on bank investment securities each in the final quarter of 2024.
•Noninterest expenses in the first quarter of 2025 reflect seasonal salaries and employee benefits expense of $110 million and higher outside data processing and software costs, partially offset by lower other costs of operations, which in the fourth quarter of 2024 included the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs, partially offset by a pension-related distribution benefit.
•The level of nonaccrual loans improved to 1.14% of loans outstanding at March 31, 2025 from 1.25% at December 31, 2024.
•M&T repurchased 3,415,303 shares of its common stock for a total cost of $662 million, including the share repurchase excise tax, in the first quarter of 2025. Reflecting repurchases, M&T's CET1 capital ratio declined to an estimated 11.50% at March 31, 2025, representing an 18 basis-point decrease from 11.68% at December 31, 2024.
Chief Financial Officer Commentary
"I am pleased with the solid financial results we obtained in the first quarter. M&T's start to the year reflects the consistency and strength of our diversified banking model, healthy levels of capital and liquidity as well as improved credit results. We continue to invest in our people, technology and processes to better serve our customers. We remain steadfast in our goal to make a difference in the communities where we work and live."

- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations: Steve Wendelboe    716.842.5138
Media Relations: Frank Lentini     929.651.0447

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 First Quarter 2025 Results

 Non-GAAP Measures (1)
Change 1Q25 vs. Change 1Q25 vs.
(Dollars in millions, except per share data) 1Q25 4Q24 4Q24 1Q24 1Q24
Net operating income $ 594  $ 691  -14  % $ 543  9  %
Diluted net operating earnings per common share 3.38  3.92  -14  3.09  9 
Annualized return on average tangible assets 1.21  % 1.35  % 1.08  %
Annualized return on average tangible common equity 12.53  14.66  12.67 
Efficiency ratio 60.5  56.8  60.8 
Tangible equity per common share $ 111.13  $ 109.36  2  $ 99.54  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 1Q25 vs. Change 1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
Average earning assets $ 189,116  $ 193,106  -2  % $ 193,135  -2  %
Average interest-bearing liabilities 129,938  132,313  -2  131,451  -1 
Net interest income - taxable-equivalent 1,707  1,740  -2  1,692  1 
Yield on average earning assets 5.52  % 5.60  % 5.74  %
Cost of interest-bearing liabilities 2.70  2.94  3.26 
Net interest spread 2.82  2.66  2.48 
Net interest margin 3.66  3.58  3.52 
Taxable-equivalent net interest income decreased $33 million in the recent quarter as compared with the fourth quarter of 2024 largely due to two less calendar days in the recent quarter.
•Average interest-bearing deposits at banks decreased $3.9 billion and the yield received on those deposits declined 32 basis points.
•Average investment securities increased $801 million and the rates earned on those securities increased 12 basis points.
•Average loans and leases decreased $879 million and the yield received on those loans and leases declined 11 basis points.
•Average interest-bearing deposits decreased $2.3 billion and the rates paid on such deposits declined 27 basis points.
•Average borrowings declined $74 million and the rates paid on such borrowings decreased 3 basis points.
2
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 First Quarter 2025 Results

Taxable-equivalent net interest income increased $15 million as compared with the year-earlier first quarter.
•Average interest-bearing deposits at banks decreased $11.0 billion and the yield received on those deposits declined 101 basis points.
•Average investment securities increased $5.9 billion and the yield earned those securities rose 70 basis points.
•Average loans and leases grew $1.0 billion while the yield received on those loans and leases decreased 26 basis points.
•Average interest-bearing deposits rose $334 million while the rates paid on those deposits declined 56 basis points.
•Average borrowings decreased $1.8 billion and the rates paid on such borrowings declined 24 basis points.
 Average Earning Assets
Change 1Q25 vs. Change 1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
Interest-bearing deposits at banks $ 19,695  $ 23,602  -17  % $ 30,647  -36  %
Trading account 97  102  -4  105  -8 
Investment securities 34,480  33,679  2  28,587  21 
Loans and leases
Commercial and industrial 61,056  60,704  1  56,821  7 
Real estate - commercial 26,259  27,896  -6  32,696  -20 
Real estate - consumer 23,176  23,088  —  23,136  — 
Consumer 24,353  24,035  1  21,143  15 
Total loans and leases 134,844  135,723  -1  133,796  1 
Total earning assets $ 189,116  $ 193,106  -2  $ 193,135  -2 
Average earning assets decreased $4.0 billion, or 2%, from the fourth quarter of 2024.
•Average interest-bearing deposits at banks decreased $3.9 billion reflecting a decline in average deposits, purchases of investment securities and share repurchases.
•Average investment securities increased $801 million primarily due to purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities during the first quarter of 2025 and the fourth quarter of 2024.
•Average loans and leases decreased $879 million primarily reflective of lower average commercial real estate loans of $1.6 billion resulting from lower origination activity and higher payoffs, partially offset by higher average commercial and industrial loans and leases of $352 million, average consumer loans of $318 million and average residential real estate loans of $88 million.
Average earning assets decreased $4.0 billion, or 2%, from the first quarter of 2024.
•Average interest-bearing deposits at banks decreased $11.0 billion reflecting purchases of investment securities, loan growth, lower average balances of deposits and short-term borrowings and share repurchases.
•Average investment securities increased $5.9 billion primarily reflecting purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities since the beginning of 2024.
•Average loans and leases increased $1.0 billion predominantly due to higher average commercial and industrial loans and leases of $4.2 billion, reflecting growth spanning most industry types, and average consumer loans of $3.2 billion, reflecting recreational finance and automobile loan growth. Partially offsetting those increases was a $6.4 billion decline in average commercial real estate loans.
3
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 First Quarter 2025 Results

 Average Interest-bearing Liabilities
Change 1Q25 vs. Change 1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
Interest-bearing deposits
Savings and interest-checking deposits $ 101,564  $ 102,127  -1  % $ 94,867  7  %
Time deposits 14,220  15,958  -11  20,583  -31 
Total interest-bearing deposits 115,784  118,085  -2  115,450  — 
Short-term borrowings 2,869  2,563  12  6,228  -54 
Long-term borrowings 11,285  11,665  -3  9,773  15 
Total interest-bearing liabilities $ 129,938  $ 132,313  -2  $ 131,451  -1 
Brokered savings and interest-checking
deposits		 $ 9,991  $ 9,690  3  % $ 8,030  24  %
Brokered time deposits 777  1,740  -55  5,193  -85 
Total brokered deposits $ 10,768  $ 11,430  -6  $ 13,223  -19 
Average interest-bearing liabilities decreased $2.4 billion, or 2%, in the recent quarter as compared with the fourth quarter of 2024. Average interest-bearing deposits declined $2.3 billion reflecting maturities of customer and brokered time deposits.
Average interest-bearing liabilities declined $1.5 billion, or 1%, from the first quarter of 2024.
•Average interest-bearing deposits rose $334 million reflecting a $2.8 billion increase in average non-brokered deposits, partially offset by a $2.5 billion decrease in average brokered deposits. That decrease reflects maturities of brokered time deposits, partially offset by an increase in brokered savings and interest-checking deposits.
•Average borrowings decreased $1.8 billion reflecting lower average short-term borrowings from FHLB of New York, partially offset by issuances of senior notes and other long-term debt since the beginning of 2024.
4
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 First Quarter 2025 Results

Provision for Credit Losses/Asset Quality
Change
1Q25 vs.		 Change
1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
At end of quarter
Nonaccrual loans $ 1,540  $ 1,690  -9  % $ 2,302  -33  %
Real estate and other foreclosed assets 34  35  -3  38  -12 
Total nonperforming assets 1,574  1,725  -9  2,340  -33 
Accruing loans past due 90 days or more (1) 384  338  13  297  29 
Nonaccrual loans as % of loans outstanding 1.14  % 1.25  % 1.71  %
Allowance for credit losses $ 2,200  $ 2,184  1  $ 2,191  — 
Allowance for credit losses as % of loans outstanding 1.63  % 1.61  % 1.62  %
For the period
Provision for credit losses $ 130  $ 140  -7  $ 200  -35 
Net charge-offs 114  160  -29  138  -18 
Net charge-offs as % of average loans (annualized) .34  % .47  % .42  %

(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $130 million in the first quarter of 2025 as compared with $140 million in the immediately preceding quarter and $200 million in the first quarter of 2024. The allowance for credit losses as a percentage of loans outstanding increased from 1.61% at December 31, 2024 to 1.63% at March 31, 2025 reflecting a modest deterioration in the macroeconomic forecasts. Net charge-offs totaled $114 million in 2025's first quarter as compared with $160 million in 2024's final quarter and $138 million in the year-earlier quarter, representing .34%, .47% and .42%, respectively, of average loans outstanding.
Nonaccrual loans were $1.5 billion at March 31, 2025, $150 million lower than at December 31, 2024 and $762 million lower than at March 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with December 31, 2024 and March 31, 2024 reflects decreases in commercial real estate and commercial and industrial nonaccrual loans.
5
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 First Quarter 2025 Results

 Noninterest Income
Change 1Q25 vs. Change 1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
Mortgage banking revenues $ 118  $ 117  —  % $ 104  13  %
Service charges on deposit accounts 133  131  1  124  7 
Trust income 177  175  1  160  11 
Brokerage services income 32  30  3  29  10 
Trading account and other non-hedging derivative gains 9  10  4  9  3 
Gain (loss) on bank investment securities —  18  -100  2  -97 
Other revenues from operations 142  176  -19  152  -6 
Total $ 611  $ 657  -7  $ 580  5 
Noninterest income in the first quarter of 2025 decreased $46 million, or 7%, from 2024's fourth quarter.
•The net gain on bank investment securities in the fourth quarter of 2024 reflected realized gains on the sales of Fannie Mae and Freddie Mac preferred securities, partially offset by losses on non-agency investment securities.
•Other revenues from operations decreased $34 million reflecting a $23 million distribution from M&T's investment in BLG in the fourth quarter of 2024 and lower loan syndication fees and merchant discount and credit card fees in the recent quarter.
Noninterest income rose $31 million, or 5%, as compared with the first quarter of 2024.
•Mortgage banking revenues rose $14 million due to higher gains on sales of commercial mortgage loans and increased residential mortgage loan sub-servicing fees.
•Service charges on deposit accounts increased $9 million reflecting a rise in commercial service charges.
•Trust income increased $17 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.
•Other revenues from operations decreased $10 million reflecting a $25 million distribution from M&T's investment in BLG in the first quarter of 2024, partially offset by higher letter of credit and other credit-related fees.

6
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 First Quarter 2025 Results

 Noninterest Expense
Change 1Q25 vs. Change 1Q25 vs.
(Dollars in millions) 1Q25 4Q24 4Q24 1Q24 1Q24
Salaries and employee benefits $ 887  $ 790  12  % $ 833  7  %
Equipment and net occupancy 132  133  -1  129  3 
Outside data processing and software 136  125  10  120  14 
Professional and other services 84  80  3  85  -3 
FDIC assessments 23  24  -2  60  -61 
Advertising and marketing 22  30  -27  20  9 
Amortization of core deposit and other intangible assets 13  13  3  15  -12 
Other costs of operations 118  168  -30  134  -12 
Total $ 1,415  $ 1,363  4  $ 1,396  1 
Noninterest expense rose $52 million, or 4%, from the fourth quarter of 2024.
•Salaries and employee benefits expense increased $97 million, reflecting $110 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense, and the impact of annual merit increases, partially offset by two less working days in the first quarter of 2025.
•The increase in outside data processing and software costs largely reflects higher software licensing fees and maintenance expenses.
•Other costs of operations decreased $50 million reflecting a $20 million loss on the redemption of certain of M&T's trust preferred obligations and a $27 million write-down of two vacated office facilities each in the fourth quarter of 2024, and lower costs associated with the Company's supplemental executive retirement savings plan primarily related to market performance. Partially offsetting those favorable factors was a $12 million pension-related distribution benefit recognized in the fourth quarter of 2024.
Noninterest expense increased $19 million, or 1%, from the first quarter of 2024.
•Salaries and employee benefits expense increased $54 million reflecting higher salaries expense from annual merit and other increases, higher average employee staffing levels and a rise in incentive compensation, including stock-based compensation expense.
•Outside data processing and software costs rose $16 million reflecting higher software licensing fees and maintenance expenses.
•The decline in FDIC assessments reflects the estimated incremental special assessment expense of $29 million recorded in the first quarter of 2024.
•Other costs of operations decreased $16 million reflecting lower costs associated with the Company's supplemental executive retirement savings plan in the recent quarter and losses on lease terminations related to certain vacated properties in the first quarter of 2024.
Income Taxes
The Company's effective income tax rate was 23.2% in the first quarter of 2025 as compared with 22.8% in the fourth quarter of 2024 and 20.0% in the first quarter of 2024. 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.
7
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 First Quarter 2025 Results

Capital
1Q25 4Q24 1Q24
CET1 11.50  % (1) 11.68  % 11.08  %
Tier 1 capital 13.03  (1) 13.21  12.38 
Total capital 14.50  (1) 14.73  14.04 
Tangible capital – common 8.95  9.07  8.03 

(1)Capital ratios at March 31, 2025 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $223 million and $36 million, respectively, for the quarter ended March 31, 2025.
The CET1 capital ratio for M&T was estimated at 11.50% as of March 31, 2025. M&T's total risk-weighted assets at March 31, 2025 are estimated to be $156.2 billion.
M&T repurchased 3,415,303 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $192.06 resulting in a total cost, including the share repurchase excise tax, of $662 million, compared with 957,988 shares at an average cost per share of $206.70 and a total cost, including the share repurchase excise tax, of $200 million in fourth quarter of 2024. No share repurchases occurred in the first quarter of 2024.

Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss first 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 #MTBQ125. 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 Monday April 21, 2025 by calling (800) 695-1624 or (402) 530-9026 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 with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.



8
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 First Quarter 2025 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; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
9
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 First Quarter 2025 Results

Financial Highlights
Three months ended
March 31,
(Dollars in millions, except per share, shares in thousands) 2025 2024 Change
Performance
Net income $ 584  $ 531  10  %
Net income available to common shareholders 547  505  8 
Per common share:
Basic earnings 3.33  3.04  10 
Diluted earnings 3.32  3.02  10 
Cash dividends 1.35  1.30  4 
Common shares outstanding:
Average - diluted (1) 165,047  167,084  -1 
Period end (2) 162,552  166,724  -3 
Return on (annualized):
Average total assets 1.14  % 1.01  %
Average common shareholders' equity 8.36  8.14 
Taxable-equivalent net interest income $ 1,707  $ 1,692  1 
Yield on average earning assets 5.52  % 5.74  %
Cost of interest-bearing liabilities 2.70  3.26 
Net interest spread 2.82  2.48 
Contribution of interest-free funds .84  1.04 
Net interest margin 3.66  3.52 
Net charge-offs to average total net loans (annualized) .34  .42 
Net operating results (3)
Net operating income $ 594  $ 543  9 
Diluted net operating earnings per common share 3.38  3.09  9 
Return on (annualized):
Average tangible assets 1.21  % 1.08  %
Average tangible common equity 12.53  12.67 
Efficiency ratio 60.5  60.8 
At March 31,
Loan quality 2025 2024 Change
Nonaccrual loans $ 1,540  $ 2,302  -33  %
Real estate and other foreclosed assets 34  38  -12 
Total nonperforming assets $ 1,574  $ 2,340  -33 
Accruing loans past due 90 days or more (4) $ 384  $ 297  29 
Government guaranteed loans included in totals above:
Nonaccrual loans $ 69  $ 62  12 
Accruing loans past due 90 days or more 368  244  50 
Nonaccrual loans to total loans 1.14  % 1.71  %
Allowance for credit losses to total loans 1.63  1.62 
Additional information
Period end common stock price $ 178.75  $ 145.44  23 
Domestic banking offices 955  958  — 
Full time equivalent employees 22,291  21,927  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 government-guaranteed residential real estate loans.

10
image_0.jpg
 First Quarter 2025 Results

Financial Highlights, Five Quarter Trend
Three months ended
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions, except per share, shares in thousands) 2025 2024 2024 2024 2024
Performance
Net income $ 584  $ 681  $ 721  $ 655  $ 531 
Net income available to common shareholders 547  644  674  626  505 
Per common share:
Basic earnings 3.33  3.88  4.04  3.75  3.04 
Diluted earnings 3.32  3.86  4.02  3.73  3.02 
Cash dividends 1.35  1.35  1.35  1.35  1.30 
Common shares outstanding:
Average - diluted (1) 165,047  166,969  167,567  167,659  167,084 
Period end (2) 162,552  165,526  166,157  167,225  166,724 
Return on (annualized):
Average total assets 1.14  % 1.28  % 1.37  % 1.24  % 1.01  %
Average common shareholders' equity 8.36  9.75  10.26  9.95  8.14 
Taxable-equivalent net interest income $ 1,707  $ 1,740  $ 1,739  $ 1,731  $ 1,692 
Yield on average earning assets 5.52  % 5.60  % 5.82  % 5.82  % 5.74  %
Cost of interest-bearing liabilities 2.70  2.94  3.22  3.26  3.26 
Net interest spread 2.82  2.66  2.60  2.56  2.48 
Contribution of interest-free funds .84  .92  1.02  1.03  1.04 
Net interest margin 3.66  3.58  3.62  3.59  3.52 
Net charge-offs to average total net loans (annualized) .34  .47  .35  .41  .42 
Net operating results (3)
Net operating income $ 594  $ 691  $ 731  $ 665  $ 543 
Diluted net operating earnings per common share 3.38  3.92  4.08  3.79  3.09 
Return on (annualized):
Average tangible assets 1.21  % 1.35  % 1.45  % 1.31  % 1.08  %
Average tangible common equity 12.53  14.66  15.47  15.27  12.67 
Efficiency ratio 60.5  56.8  55.0  55.3  60.8 
March 31, December 31, September 30, June 30, March 31,
Loan quality 2025 2024 2024 2024 2024
Nonaccrual loans $ 1,540  $ 1,690  $ 1,926  $ 2,024  $ 2,302 
Real estate and other foreclosed assets 34  35  37  33  38 
Total nonperforming assets $ 1,574  $ 1,725  $ 1,963  $ 2,057  $ 2,340 
Accruing loans past due 90 days or more (4) $ 384  $ 338  $ 288  $ 233  $ 297 
Government guaranteed loans included in totals above:
Nonaccrual loans $ 69  $ 69  $ 69  $ 64  $ 62 
Accruing loans past due 90 days or more 368  318  269  215  244 
Nonaccrual loans to total loans 1.14  % 1.25  % 1.42  % 1.50  % 1.71  %
Allowance for credit losses to total loans 1.63  1.61  1.62  1.63  1.62 
Additional information
Period end common stock price $ 178.75  $ 188.01  $ 178.12  $ 151.36  $ 145.44 
Domestic banking offices 955  955  957  957  958 
Full time equivalent employees 22,291  22,101  21,986  22,110  21,927 

(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 government-guaranteed residential real estate loans.
11
image_0.jpg
 First Quarter 2025 Results

Condensed Consolidated Statement of Income
Three months ended
March 31,
(Dollars in millions) 2025 2024 Change
Interest income $ 2,560  $ 2,745  -7  %
Interest expense 865  1,065  -19 
Net interest income 1,695  1,680  1 
Provision for credit losses 130  200  -35 
Net interest income after provision for credit losses 1,565  1,480  6 
Other income
Mortgage banking revenues 118  104  13 
Service charges on deposit accounts 133  124  7 
Trust income 177  160  11 
Brokerage services income 32  29  10 
Trading account and other non-hedging derivative gains 9  9  3 
Gain (loss) on bank investment securities —  2  -97 
Other revenues from operations 142  152  -6 
Total other income 611  580  5 
Other expense
Salaries and employee benefits 887  833  7 
Equipment and net occupancy 132  129  3 
Outside data processing and software 136  120  14 
Professional and other services 84  85  -3 
FDIC assessments 23  60  -61 
Advertising and marketing 22  20  9 
Amortization of core deposit and other intangible assets 13  15  -12 
Other costs of operations 118  134  -12 
Total other expense 1,415  1,396  1 
Income before taxes 761  664  15 
Income taxes 177  133  33 
Net income $ 584  $ 531  10  %

12
image_0.jpg
 First Quarter 2025 Results

Condensed Consolidated Statement of Income, Five Quarter Trend
Three months ended
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions) 2025 2024 2024 2024 2024
Interest income $ 2,560  $ 2,707  $ 2,785  $ 2,789  $ 2,745 
Interest expense 865  979  1,059  1,071  1,065 
Net interest income 1,695  1,728  1,726  1,718  1,680 
Provision for credit losses 130  140  120  150  200 
Net interest income after provision for credit losses 1,565  1,588  1,606  1,568  1,480 
Other income
Mortgage banking revenues 118  117  109  106  104 
Service charges on deposit accounts 133  131  132  127  124 
Trust income 177  175  170  170  160 
Brokerage services income 32  30  32  30  29 
Trading account and other non-hedging
derivative gains		 9  10  13  7  9 
Gain (loss) on bank investment securities —  18  (2) (8) 2 
Other revenues from operations 142  176  152  152  152 
Total other income 611  657  606  584  580 
Other expense
Salaries and employee benefits 887  790  775  764  833 
Equipment and net occupancy 132  133  125  125  129 
Outside data processing and software 136  125  123  124  120 
Professional and other services 84  80  88  91  85 
FDIC assessments 23  24  25  37  60 
Advertising and marketing 22  30  27  27  20 
Amortization of core deposit and other
intangible assets		 13  13  12  13  15 
Other costs of operations 118  168  128  116  134 
Total other expense 1,415  1,363  1,303  1,297  1,396 
Income before taxes 761  882  909  855  664 
Income taxes 177  201  188  200  133 
Net income $ 584  $ 681  $ 721  $ 655  $ 531 

13
image_0.jpg
 First Quarter 2025 Results

Condensed Consolidated Balance Sheet
March 31,
(Dollars in millions) 2025 2024 Change
ASSETS
Cash and due from banks $ 2,109  $ 1,695  24  %
Interest-bearing deposits at banks 20,656  32,144  -36 
Trading account 96  99  -3 
Investment securities 35,137  28,496  23 
Loans and leases:
Commercial and industrial 60,596  57,897  5 
Real estate - commercial 25,867  32,416  -20 
Real estate - consumer 23,284  23,076  1 
Consumer 24,827  21,584  15 
Total loans and leases 134,574  134,973  — 
Less: allowance for credit losses 2,200  2,191  — 
Net loans and leases 132,374  132,782  — 
Goodwill 8,465  8,465  — 
Core deposit and other intangible assets 93  132  -30 
Other assets 11,391  11,324  1 
Total assets $ 210,321  $ 215,137  -2  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 49,051  $ 50,578  -3  %
Interest-bearing deposits 116,358  116,618  — 
Total deposits 165,409  167,196  -1 
Short-term borrowings 1,573  4,795  -67 
Long-term borrowings 10,496  11,450  -8 
Accrued interest and other liabilities 3,852  4,527  -15 
Total liabilities 181,330  187,968  -4 
Shareholders' equity:
Preferred 2,394  2,011  19 
Common 26,597  25,158  6 
Total shareholders' equity 28,991  27,169  7 
Total liabilities and shareholders' equity $ 210,321  $ 215,137  -2  %
14
image_0.jpg
 First Quarter 2025 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions) 2025 2024 2024 2024 2024
ASSETS
Cash and due from banks $ 2,109  $ 1,909  $ 2,216  $ 1,778  $ 1,695 
Interest-bearing deposits at banks 20,656  18,873  24,417  24,792  32,144 
Trading account 96  101  102  99  99 
Investment securities 35,137  34,051  32,327  29,894  28,496 
Loans and leases
Commercial and industrial 60,596  61,481  61,012  60,027  57,897 
Real estate - commercial 25,867  26,764  28,683  29,532  32,416 
Real estate - consumer 23,284  23,166  23,019  23,003  23,076 
Consumer 24,827  24,170  23,206  22,440  21,584 
Total loans and leases 134,574  135,581  135,920  135,002  134,973 
Less: allowance for credit losses 2,200  2,184  2,204  2,204  2,191 
Net loans and leases 132,374  133,397  133,716  132,798  132,782 
Goodwill 8,465  8,465  8,465  8,465  8,465 
Core deposit and other intangible assets 93  94  107  119  132 
Other assets 11,391  11,215  10,435  10,910  11,324 
Total assets $ 210,321  $ 208,105  $ 211,785  $ 208,855  $ 215,137 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 49,051  $ 46,020  $ 47,344  $ 47,729  $ 50,578 
Interest-bearing deposits 116,358  115,075  117,210  112,181  116,618 
Total deposits 165,409  161,095  164,554  159,910  167,196 
Short-term borrowings 1,573  1,060  2,605  4,764  4,795 
Long-term borrowings 10,496  12,605  11,583  11,319  11,450 
Accrued interest and other liabilities 3,852  4,318  4,167  4,438  4,527 
Total liabilities 181,330  179,078  182,909  180,431  187,968 
Shareholders' equity:
Preferred 2,394  2,394  2,394  2,744  2,011 
Common 26,597  26,633  26,482  25,680  25,158 
Total shareholders' equity 28,991  29,027  28,876  28,424  27,169 
Total liabilities and shareholders' equity $ 210,321  $ 208,105  $ 211,785  $ 208,855  $ 215,137 
15
image_0.jpg
 First Quarter 2025 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three months ended Change in balance
March 31, December 31, March 31, March 31, 2025 from
2025 2024 2024 December 31, March 31,
(Dollars in millions) Balance Rate Balance Rate Balance Rate 2024 2024
ASSETS
Interest-bearing deposits at banks $ 19,695  4.48  % $ 23,602  4.80  % $ 30,647  5.49  % -17  % -36  %
Trading account 97  3.42  102  3.37  105  3.42  -4  -8 
Investment securities 34,480  4.00  33,679  3.88  28,587  3.30  2  21 
Loans and leases:
Commercial and industrial 61,056  6.36  60,704  6.56  56,821  6.99  1  7 
Real estate - commercial 26,259  6.16  27,896  6.25  32,696  6.36  -6  -20 
Real estate - consumer 23,176  4.44  23,088  4.45  23,136  4.28  —  — 
Consumer 24,353  6.57  24,035  6.65  21,143  6.54  1  15 
Total loans and leases 134,844  6.06  135,723  6.17  133,796  6.32  -1  1 
Total earning assets 189,116  5.52  193,106  5.60  193,135  5.74  -2  -2 
Goodwill 8,465  8,465  8,465  —  — 
Core deposit and other intangible assets 92  100  140  -8  -34 
Other assets 10,648  10,182  9,738  5  9 
Total assets $ 208,321  $ 211,853  $ 211,478  -2  % -1  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
     deposits		 $ 101,564  2.20  % $ 102,127  2.44  % $ 94,867  2.61  % -1  % 7  %
Time deposits 14,220  3.54  15,958  3.95  20,583  4.41  -11  -31 
Total interest-bearing deposits 115,784  2.37  118,085  2.64  115,450  2.93  -2  — 
Short-term borrowings 2,869  4.52  2,563  4.93  6,228  5.42  12  -54 
Long-term borrowings 11,285  5.65  11,665  5.57  9,773  5.81  -3  15 
Total interest-bearing liabilities 129,938  2.70  132,313  2.94  131,451  3.26  -2  -1 
Noninterest-bearing deposits 45,436  46,554  48,615  -2  -7 
Other liabilities 3,949  4,279  4,393  -8  -10 
Total liabilities 179,323  183,146  184,459  -2  -3 
Shareholders' equity 28,998  28,707  27,019  1  7 
Total liabilities and shareholders' equity $ 208,321  $ 211,853  $ 211,478  -2  % -1  %
Net interest spread 2.82  2.66  2.48 
Contribution of interest-free funds .84  .92  1.04 
Net interest margin 3.66  % 3.58  % 3.52  %
16
image_0.jpg
 First Quarter 2025 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three months ended
March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 584  $ 681  $ 721  $ 655  $ 531 
Amortization of core deposit and other intangible assets (1) 10  10  10  10  12 
Net operating income $ 594  $ 691  $ 731  $ 665  $ 543 
Earnings per common share
Diluted earnings per common share $ 3.32  $ 3.86  $ 4.02  $ 3.73  $ 3.02 
Amortization of core deposit and other intangible assets (1) .06  .06  .06  .06  .07 
Diluted net operating earnings per common share $ 3.38  $ 3.92  $ 4.08  $ 3.79  $ 3.09 
Other expense
Other expense $ 1,415  $ 1,363  $ 1,303  $ 1,297  $ 1,396 
Amortization of core deposit and other intangible assets (13) (13) (12) (13) (15)
Noninterest operating expense $ 1,402  $ 1,350  $ 1,291  $ 1,284  $ 1,381 
Efficiency ratio
Noninterest operating expense (numerator) $ 1,402  $ 1,350  $ 1,291  $ 1,284  $ 1,381 
Taxable-equivalent net interest income $ 1,707  $ 1,740  $ 1,739  $ 1,731  $ 1,692 
Other income 611  657  606  584  580 
Less: Gain (loss) on bank investment securities —  18  (2) (8) 2 
Denominator $ 2,318  $ 2,379  $ 2,347  $ 2,323  $ 2,270 
Efficiency ratio 60.5  % 56.8  % 55.0  % 55.3  % 60.8  %
Balance sheet data
Average assets
Average assets $ 208,321  $ 211,853  $ 209,581  $ 211,981  $ 211,478 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (92) (100) (113) (126) (140)
Deferred taxes 27  29  28  30  33 
Average tangible assets $ 199,791  $ 203,317  $ 201,031  $ 203,420  $ 202,906 
Average common equity
Average total equity $ 28,998  $ 28,707  $ 28,725  $ 27,745  $ 27,019 
Preferred stock (2,394) (2,394) (2,565) (2,405) (2,011)
Average common equity 26,604  26,313  26,160  25,340  25,008 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (92) (100) (113) (126) (140)
Deferred taxes 27  29  28  30  33 
Average tangible common equity $ 18,074  $ 17,777  $ 17,610  $ 16,779  $ 16,436 
At end of quarter
Total assets
Total assets $ 210,321  $ 208,105  $ 211,785  $ 208,855  $ 215,137 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (93) (94) (107) (119) (132)
Deferred taxes 26  28  30  31  34 
Total tangible assets $ 201,789  $ 199,574  $ 203,243  $ 200,302  $ 206,574 
Total common equity
Total equity $ 28,991  $ 29,027  $ 28,876  $ 28,424  $ 27,169 
Preferred stock (2,394) (2,394) (2,394) (2,744) (2,011)
Common equity 26,597  26,633  26,482  25,680  25,158 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (93) (94) (107) (119) (132)
Deferred taxes 26  28  30  31  34 
Total tangible common equity $ 18,065  $ 18,102  $ 17,940  $ 17,127  $ 16,595 

(1) After any related tax effect.
17
EX-99.2 3 a1q25earningspresentatio.htm EX-99.2 a1q25earningspresentatio
Earnings Results 1st Quarter 2025 April 14, 2025 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; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. 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

 
3 Our Customers Linking our customers to the people, capital, and ideas that empower them in the moments that matter most in their lives. Our Communities M&T is a “bank for communities,” a true engine for local economic development and relationship-building. Our Colleagues We empower our employees to be the best versions of themselves through integrity and empathy. We are committed to Our Shareholders We deliver reliable results anchored by a strong balance sheet that protects and builds investor value across economic cycles. Together, We are M&T Bank

 
4 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 Association for Talent Development Received 13 “Best Bank” Awards across Small Business and Middle-Market Categories Small Business • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Customer Service (U.S.) • Best Bank for Ease of Doing Business (U.S.) • Best Bank for Trust (U.S.) Middle Market • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Satisfaction with RM (U.S.) • Best Bank for Trust (U.S.)

 
5 Financial Results

 
6 • Diluted EPS increased +10% YoY • Net Interest Margin widened +8 bps QoQ and +14 bps YoY • Provision for Credit Losses declined -7% QoQ and -35% YoY Notable items ($ in millions, except per share) 1Q25 4Q24 1Q24 Amt EPS Amt EPS Amt EPS Non-core Securities Net Gains(1) $— $— $18 $0.08 $— $— Pension Plan Distribution Benefit(1)(2) — — 12 0.05 — — Redemption of Trust Preferred Obligations(1)(2) — — (20) (0.09) — — Vacated Facility Write- downs(1)(2) — — (27) (0.12) — — FDIC Special Assessment(1) — — — — (29) (0.13) Discrete Tax Benefit — — — — 17 0.10 First Quarter 2025 Earnings Highlights GAAP ($ in millions, except per share) 1Q25 4Q24 1Q24 Revenues $2,306 $2,385 $2,260 Noninterest Expense 1,415 1,363 1,396 Provision for Credit Losses 130 140 200 Net Income 584 681 531 Diluted EPS 3.32 3.86 3.02 Return on Assets 1.14% 1.28% 1.01% Return on Common Equity 8.36 9.75 8.14 Net Interest Margin 3.66 3.58 3.52 Net Charge-offs % Avg Loans .34 .47 .42 Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.

 
7 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. First Quarter 2025 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 1Q25 4Q24 1Q24 Net Operating Income $594 $691 $543 Diluted Net Operating EPS 3.38 3.92 3.09 Efficiency Ratio 60.5% 56.8% 60.8% Net Operating ROTA 1.21 1.35 1.08 Net Operating ROTCE 12.53 14.66 12.67 Tangible Book Value per Share (2) $111.13 $109.36 $99.54 • Tangible Book Value per Share increased +2% QoQ and +12% YoY • Net Operating ROTA increased +13 bps YoY

 
8 Net Interest Income & Net Interest Margin 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 $1,692 $1,731 $1,739 $1,740 $1,707 3.52% 3.59% 3.62% 3.58% 3.66% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 1Q24 2Q24 3Q24 4Q24 1Q25 QoQ Drivers • Taxable-equivalent net interest income(1) decreased -$33 million or less than -2% QoQ – Two less days – Lower average earning assets (smaller balance sheet) – Favorable deposit costs (pricing beta) • Net interest margin rose +8 bps QoQ to 3.66% – Beneficial balance sheet mix and repricing • Higher average balances of securities • Lower wholesale funding and average time deposit balances – Favorable deposit pricing

 
9 • Capital levels strong with CET1 capital ratio of 11.50%(2) • Repurchased $662 million(3) of common shares in 1Q25 Change 1Q25 vs Average Balances, $ in billions, except per share 1Q25 4Q24 1Q24 4Q24 1Q24 Interest-bearing Deposits at Banks $19.7 $23.6 $30.7 -17% -36% Investment Securities 34.5 33.7 28.6 2 21 Commercial and Industrial (“C&I”) 61.0 60.7 56.8 1 7 Commercial Real Estate (“CRE”) 26.3 27.9 32.7 -6 -20 Residential Mortgage 23.2 23.1 23.1 — — Consumer 24.3 24.0 21.2 1 15 Total Loans 134.8 135.7 133.8 -1 1 Earning Assets 189.1 193.1 193.1 -2 -2 Deposits 161.2 164.6 164.1 -2 -2 Borrowings 14.2 14.2 16.0 -1 -12 Common Shareholders’ Equity 26.6 26.3 25.0 1 6 As of Quarter End Common Shareholders' Equity per Share $163.62 $160.90 $150.90 2% 8% Tangible Equity per Common Share(1) 111.13 109.36 99.54 2 12 Tangible Common Equity / Tangible Assets(1) 8.95 % 9.07 % 8.03 % -12 bps 92 bps Common Equity Tier 1 ("CET1") Capital Ratio 11.50 11.68 11.08 -18 bps 42 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) March 31, 2025 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. (2)

 
10 Balance Sheet – Average Loans QoQ Drivers Average loans decreased -$879 million or -1% QoQ: • C&I loans increased +1% (+$352 million) • CRE loans declined -6% (-$1.6 billion), reflecting lower originations due to pricing and structure and higher payoffs. • Consumer loans rose +1% (+$318 million), reflecting higher average recreational finance and automobile loans $ IN B IL LI O N S $56.8 $58.1 $59.8 $60.7 $61.0 $32.7 $31.5 $29.1 $27.9 $26.3 $23.1 $23.0 $23.0 $23.1 $23.2 $21.2 $22.0 $22.9 $24.0 $24.3 $133.8 $134.6 $134.8 $135.7 $134.8 6.32% 6.38% 6.38% 6.17% 6.06% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 1Q24 2Q24 3Q24 4Q24 1Q25

 
11 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.5 years $(8) million HTM ~5.4 years $(1,046) million Total Debt Securities ~3.6 years $(1,054) million $ IN B IL LI O N S Average Investment Securities and Yield $28.6 $29.7 $31.0 $33.7 $34.5 3.30% 3.61% 3.70% 3.88% 4.00% 1Q24 2Q24 3Q24 4Q24 1Q25 Cash 3% Interest- bearing deposits at banks 36% Other Securities 2% HTM Securities 23% AFS Securities 36% $57.9B TOTAL Yield up +12 bps Securities and Cash - at 3/31/25

 
12 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$3.4 billion or -2% QoQ: • Interest-bearing deposit costs declined -27 bps • Total deposit costs declined -20 bps • Average time deposits decreased -$1.7 billion or -11% (driven by a decline in brokered time deposits of -$963 million or -55%) $ IN B IL LI O N S $48.6 $47.7 $46.2 $46.5 $45.4 $94.9 $96.0 $98.3 $102.1 $101.6 $20.6 $19.8 $17.0 $16.0 $14.2 $164.1 $163.5 $161.5 $164.6 $161.2 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Total deposit cost 2.06% 2.06% 2.06% 1.90% 1.70% Interest-bearing deposit cost 2.93% 2.90% 2.88% 2.64% 2.37%

 
13 $ IN M IL LI O N S $580 $584 $606 $657 $611 Noninterest Income 1Q24 2Q24 3Q24 4Q24 1Q25 Change 1Q25 vs $ in millions 1Q25 4Q24 1Q24   4Q24 1Q24 Mortgage Banking Revenues $118 $117 $104 —% 13% Service Charges on Deposits 133 131 124 1 7 Trust Income 177 175 160 1 11 Brokerage Services 32 30 29 3 10 Non-hedge Derivatives / Trading 9 10 9 4 3 Securities Gain/(Loss) — 18 2 -100 -97 Other Revenues from Operations 142 176 152 -19 -6 Noninterest Income $611 $657 $580   -7% 5% Income Statement – Noninterest Income Noninterest income decreased -$46 million or -7% QoQ: • Mortgage banking revenues increased +$1 million QoQ: – Residential mortgage banking revenues up +$6 million reflecting sub-servicing revenues – Lower commercial mortgage banking revenues -$5 million reflecting lower gains on loan sales • Securities gain (loss) -$18 million QoQ: – Reflects net realized gains on non-core investment securities in 4Q24 • Other revenues from operations decreased -$34 million QoQ: – Received a $23 million distribution from M&T's investment in BLG in 4Q24, lower loan syndication fees and merchant discount and credit card fees • Nominal increases in most other fee income businesses QoQ Drivers

 
14 $ IN M IL LI O N S $1,381 $1,284 $1,291 $1,350 $1,402 $1,396 $1,297 $1,303 $1,363 $1,415 60.8% 55.3% 55.0% 56.8% 60.5% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 1Q24 2Q24 3Q24 4Q24 1Q25 Change 1Q25 vs $ in millions 1Q25 4Q24 1Q24 4Q24 1Q24 Salaries & Benefits(4) $887 $790 $833 12% 7% Equip & Occupancy 132 133 129 -1 3 Outside Data Proc & SW 136 125 120 10 14 Professional & Other Services 84 80 85 3 -3 FDIC Assessments 23 24 60 -2 -61 Advert. & Marketing 22 30 20 -27 9 Other Costs of Operations 118 168 134 -30 -12 Operating Expense(1) 1,402 1,350 1,381 4 2 Intangible Amortization 13 13 15 3 -12 Total Noninterest Expense $1,415 $1,363 $1,396   4% 1% Income Statement – Noninterest Expenses Noninterest expense increased +$52 million, or +4% QoQ: • Salaries and employee benefits expense rose +$97 million QoQ – $110 million of seasonally higher expenses – Two less working days • Outside data processing and software costs up +$11 million QoQ reflecting higher software licensing fees and maintenance • Other costs of operations decreased -$50 million QoQ due to the following 4Q24 items: – Write-down of two vacated office facilities -$27 million – Redemption loss on certain M&T trust preferred obligations -$20 million – Pension plan distribution benefit +$12 million; and – Lower supplemental executive employer plan costs in 1Q25 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 $29 million and $5 million FDIC special assessment from the numerator for 1Q24 and 2Q24, respectively. (3) Adjusted efficiency ratio excludes 4Q24 notable items on slide 6. (4) Severance charges for 1Q25, 4Q24 and 1Q24 were $4 million, $7 million and $6 million, respectively. QoQ Drivers Adjusted Efficiency 59.6%(2) Adjusted Efficiency 55.1%(2) Adjusted Efficiency 55.3%(3)

 
15 $ IN M IL LI O N S Nonaccrual Loans $2,302 $2,024 $1,926 $1,690 $1,540 1.71% 1.50% 1.42% 1.25% 1.14% Nonaccrual Loans ($) Nonaccrual Loans (%) 1Q24 2Q24 3Q24 4Q24 1Q25 $ IN M IL LI O N S Net Charge-offs $138 $137 $120 $160 $114 0.42% 0.41% 0.35% 0.47% 0.34% Net Charge-offs ($) Net Charge-off Ratio (%) 1Q24 2Q24 3Q24 4Q24 1Q25 Credit $ IN M IL LI O N S Allowance for Credit Losses $2,191 $2,204 $2,204 $2,184 $2,200 1.62% 1.63% 1.62% 1.61% 1.63% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 1Q24 2Q24 3Q24 4Q24 1Q25 $ IN M IL LI O N S Provision for Credit Losses $200 $150 $120 $140 $130 1Q24 2Q24 3Q24 4Q24 1Q25

 
16 Criticized C&I and CRE Loans Criticized loans decreased -$516 million QoQ: • C&I increased +$151 million – Driven predominantly by motor vehicle and recreational finance dealers • CRE decreased -$667 million – Permanent CRE -$591 million – Construction -$76 million • 96% of criticized accrual loans are current • 55% of criticized nonaccrual loans are current $ IN B IL LI O N S $12.9 $12.1 $10.9 $9.9 $9.4 14.3% 13.5% 12.2% 11.2% 10.9% Criticized Criticized % of C&I and CRE Loans 1Q24 2Q24 3Q24 4Q24 1Q25

 
17 Criticized C&I Loans March 31, 2025 December 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 $11,234 $90 $33 $123 $11,479 $71 $35 $106 Services 7,400 313 106 419 7,409 247 112 359 Motor vehicle and recreational finance dealers 6,700 594 24 618 7,229 527 38 565 Manufacturing 6,040 371 104 475 6,077 394 116 510 Wholesale 4,045 324 29 353 4,057 334 28 362 Transportation, communications, utilities 3,579 275 71 346 3,567 286 62 348 Retail 3,134 116 18 134 3,097 66 17 83 Construction 2,126 175 32 207 2,143 155 44 199 Health services 1,877 178 34 212 1,892 207 36 243 Real estate investors 1,677 140 10 150 1,751 148 8 156 Other 1,723 105 39 144 1,773 109 39 148 Total commercial and industrial excluding owner-occupied real estate $49,535 $2,681 $500 $3,181 $50,474 $2,544 $535 $3,079 Owner-occupied real estate by industry: Services $2,358 $136 $27 $163 $2,345 $153 $26 $179 Motor vehicle and recreational finance dealers 2,219 102 6 108 2,236 31 8 39 Retail 1,698 64 18 82 1,677 69 16 85 Health services 1,280 138 62 200 1,330 156 66 222 Wholesale 916 78 4 82 857 62 3 65 Manufacturing 826 78 23 101 809 73 24 97 Real estate investors 682 35 8 43 702 43 6 49 Other 1,082 58 14 72 1,051 54 12 66 Total owner-occupied real estate 11,061 689 162 851 11,007 641 161 802 Total $60,596 $3,370 $662 $4,032 $61,481 $3,185 $696 $3,881 Percent criticized - excluding owner-occupied real estate 6.4 % 6.1 % Percent criticized - owner-occupied real estate 7.7 % 7.3 % Percent criticized - total commercial and industrial 6.7 % 6.3 %

 
18 Criticized CRE Loans March 31, 2025 December 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 $5,593 $713 $94 $807 $5,628 $935 $114 $1,049 Retail/Service 4,548 713 87 800 4,747 673 80 753 Office 3,997 965 68 1,033 4,170 1,125 117 1,242 Industrial/Warehouse 1,898 133 13 146 1,926 143 13 156 Hotel 1,887 249 110 359 1,984 317 118 435 Health services 1,883 463 21 484 2,038 560 25 585 Other 290 30 1 31 287 30 1 31 Total permanent 20,096 3,266 394 3,660 20,780 3,783 468 4,251 Construction/Development 5,771 1,678 29 1,707 5,984 1,715 68 1,783 Total $25,867 $4,944 $423 $5,367 $26,764 $5,498 $536 $6,034 Percent criticized - total commercial real estate 20.7 % 22.5 %

 
19 CET1 11.08% 11.45% 11.54% 11.68% 11.50% 1Q24 2Q24 3Q24 4Q24 1Q25 TBVPS $99.54 $102.42 $107.97 $109.36 $111.13 1Q24 2Q24 3Q24 4Q24 1Q25 Capital • CET1 capital ratio decreased -18 bps to 11.50%(1) at the end of 1Q25 • Tangible book value per share increased +2% to $111.13 Note: (1) CET1 capital ratio at March 31, 2025 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +6 bps at the end of 1Q25 (1) (2)

 
20 2025 Outlook 2025 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.05 billion to $7.15 billion • NIM in the mid to high 3.60s Fee Income $2.5 billion to $2.6 billion • Trending toward high end of the range • Continued strength in trust and mortgage GAAP Expense Includes intangible amortization $5.4 billion to $5.5 billion • Continued focus on managing expense, while investing in enterprise priorities Net Charge-Offs % of Average Loans ~40 basis points • Reflects continued normalization in consumer and year over year improvement in commercial Tax Rate Taxable-equivalent ~24.5% A ve ra ge B al an ce s Loans $135 billion to $137 billion • Growth in C&I, consumer, and residential mortgage, declines in CRE Deposits $162 billion to $164 billion • Focus on growing customer deposits at a reasonable cost CET1 Capital Ratio Target ~11% in 2025 • Share repurchase flexibility depending on RWA trends

 
Focused on Four Priorities 21 Build our New England and Long Island Markets Optimize our Resources through Simplification Make our Systems and Processes Resilient and Scalable Continue to Develop and Scale our Capability to Manage Risk We continue our mission to simplify M&T and make investments that will improve the experience of our customers and colleagues — and help us maintain our differentiated community bank approach

 
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 • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2019-2024, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2019-2024. 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 1Q24 2Q24 3Q24 4Q24 1Q25 Net income Net income $531 $655 $721 $681 $584 Amortization of core deposits and other intangible assets (1) 12 10 10 10 10 Net operating income $543 $665 $731 $691 $594 Earnings per common share Diluted earnings per common share $3.02 $3.73 $4.02 $3.86 $3.32 Amortization of core deposits and other intangible assets (1) 0.07 0.06 0.06 0.06 0.06 Diluted net operating earnings per common share $3.09 $3.79 $4.08 $3.92 $3.38

 
25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 1Q24 2Q24 3Q24 4Q24 1Q25 Other expense Other expense $1,396 $1,297 $1,303 $1,363 $1,415 Amortization of core deposit and other intangible assets (15) (13) (12) (13) (13) Noninterest operating expense $1,381 $1,284 $1,291 $1,350 $1,402 Efficiency ratio Noninterest operating expense (numerator) $1,381 $1,284 $1,291 $1,350 $1,402 Taxable-equivalent net interest income $1,692 $1,731 $1,739 $1,740 $1,707 Other income 580 584 606 657 611 Less: Gain (loss) on bank investment securities 2 (8) (2) 18 — Denominator $2,270 $2,323 $2,347 $2,379 $2,318 Efficiency ratio 60.8 % 55.3 % 55.0 % 56.8 % 60.5 %

 
26 Appendix In millions 1Q24 2Q24 3Q24 4Q24 1Q25 Average assets Average assets $211,478 $211,981 $209,581 $211,853 $208,321 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (140) (126) (113) (100) (92) Deferred taxes 33 30 28 29 27 Average tangible assets $202,906 $203,420 $201,031 $203,317 $199,791 Average common equity Average total equity $27,019 $27,745 $28,725 $28,707 $28,998 Preferred stock (2,011) (2,405) (2,565) (2,394) (2,394) Average common equity 25,008 25,340 26,160 26,313 26,604 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (140) (126) (113) (100) (92) Deferred taxes 33 30 28 29 27 Average tangible common equity $16,436 $16,779 $17,610 $17,777 $18,074 GAAP to Tangible (Non-GAAP) Reconciliation

 
27 Appendix In millions 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Total assets Total assets $215,137 $208,855 $211,785 $208,105 $210,321 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (132) (119) (107) (94) (93) Deferred taxes 34 31 30 28 26 Total tangible assets $206,574 $200,302 $203,243 $199,574 $201,789 Total common equity Total equity $27,169 $28,424 $28,876 $29,027 $28,991 Preferred stock (2,011) (2,744) (2,394) (2,394) (2,394) Common equity 25,158 25,680 26,482 26,633 26,597 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (132) (119) (107) (94) (93) Deferred taxes 34 31 30 28 26 Total tangible common equity $16,595 $17,127 $17,940 $18,102 $18,065 GAAP to Tangible (Non-GAAP) Reconciliation