MTB 8-K
M&T Bank Corp (MTB)
8-K
2025-06-10
For: 2025-06-10
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April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 10, 2025
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | ||||||||
(Commission File Number) | (I.R.S. Employer Identification Number) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant's telephone number, including area code: ( | ||||||||
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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 | ||||||
Non-Cumulative Preferred Stock, Series H | ||||||||
Preferred Stock, Series J | ||||||||
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 7.01. Regulation FD Disclosure.
On June 10, 2025, M&T Bank Corporation (“M&T”) posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.1 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 this Form 8-K, including Exhibit 99.1 attached hereto, 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 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
| Exhibit No. | Exhibit Description | |||||||
| 99.1 | ||||||||
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: | June 10, 2025 | By: | /s/ Daryl N. Bible | ||||||||||||||
| Daryl N. Bible | |||||||||||||||||
| Senior Executive Vice President and Chief Financial Officer | |||||||||||||||||
Investor Update 2nd Quarter 2025 JUNE 2025 Exhibit 99.1
Forward-Looking Statements and Non-GAAP Financial Measures 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- 2 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.
3
Focused on Four Priorities 4 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
5 Key Awards and Accolades
1.31% 1.34% 1.28% 1.01% 1.15% 1.10% MTB Peer Median 20-Years 2005-2024 10-Years 2015-2024 5-Years 2020-2024 Through the Cycle Profitability Advantage… 6 Note: (1) See Appendix 1 and 2 for reconciliation of GAAP with these non-GAAP measures. Net Operating ROTA(1) Better than Peer PPNR Generation & Credit Losses • Aided by NIM, efficiency and credit loss outperformance Consistent Profitability Advantage • Over the past 5-, 10-, and 20-years, M&T maintained an 18 to 30 basis point ROTA advantage compared to the peer median Results in Normalized ROTCE Advantage • Equates to a ~2.4% to ~3.9% normalized ROTCE advantage compared to peers assuming normalized capital levels ROTA Considered in Long-Term Incentives • Recent Performance Vested Stock Units grants include a 1.25% absolute ROTA threshold Key Points +30 bps +18 bps +18 bps
10.6% 10.1% 12.1% 4.4% 7.4% 6.8% MTB Peer Median 20-Years YE04-YE24 10-Years YE14-YE24 5-Years YE19-YE24 $1.60 $5.35 2004 2009 2014 2019 2024 $– $1 $2 $3 $4 $5 $6 $23.62 $109.36 2004 2009 2014 2019 2024 $– $20 $40 $60 $80 $100 $120 …Combined with Consistent Growth Dividend Per Share Tangible Book Value Per Share MTB: 6.2% CAGR Peer Median: 0.9%CAGR MTB: 8.0% CAGR Peer Median: 1.7% CAGR CAGR – TBVPS Growth plus Dividends Consistently Delivering Value and Growth • Consistent dividend and TBVPS growth compared to peers • Results in higher than peer CAGR for TBVPS growth plus dividends over 5-, 10-, and 20-years Key Points 7
2020 2021 2022 2023 2024 1Q25 Superior Pre-Credit Earnings Net Interest Margin 3.16 % 2.76 % 3.39 % 3.83 % 3.58 % 3.66 % Efficiency Ratio (1) 56.3 % 59.0 % 56.6 % 54.9 % 56.9 % 60.5 % PPNR ($, Millions) (1) $2,579 $2,445 $3,471 $4,232 $3,979 $891 PPNR to RWA (1) 2.4 % 2.3 % 2.7 % 2.8 % 2.6 % 2.3 % Strong Credit Metrics Allowance to Loans (As At) 1.76 % 1.58 % 1.46 % 1.59 % 1.61 % 1.63 % Net Charge-Offs to Loans 0.26 % 0.20 % 0.13 % 0.33 % 0.41 % 0.34 % Focused on Returns Net Operating Return on: Tangible Assets (1) 1.04 % 1.28 % 1.35 % 1.42 % 1.30 % 1.21 % Tangible Common Equity (1) 12.79 % 16.80 % 16.70 % 17.60 % 14.54 % 12.53 % Consistent Capital Generation (As At) Tangible Common Equity to Tangible Assets 7.49 % 7.68 % 7.63 % 8.20 % 9.07 % 8.95 % Common Equity Tier 1 Ratio 10.00 % 11.42 % 10.44 % 10.98 % 11.68 % 11.50 % Tier 1 Capital Ratio 11.17 % 13.11 % 11.79 % 12.29 % 13.21 % 13.04 % Balance Sheet (As At) Loans to Deposits 82.25 % 70.63 % 80.46 % 82.11 % 84.16 % 81.36 % Securities to Assets 4.94 % 4.61 % 12.56 % 12.91 % 16.36 % 16.71 % Key Ratios 8 Note: (1) See Appendix 1 and 2 for reconciliation of GAAP with these non-GAAP measures.
Solid Performance in Key Metrics against Peers 9 ROTA(1) 1Q25 Net Interest Margin 1Q25 Efficiency Ratio(1) 1Q25 PPNR / RWA(1) 1Q25 NCO / Loans 1Q25 Note: (1) See Appendix 1 and 2 for reconciliation of GAAP with these non-GAAP measures. Source: S&P Global Market Intelligence and company filings 1.21% Peer 1 MTB Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 3.66%MTB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 60.5% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 MTB Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 2.3% Peer 1 Peer 2 MTB Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 0.34% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 MTB Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11
Areas of Focus 10
2Q 2025 Trends Sequentially higher NII and NIM Sequentially lower expenses, mostly driven by lower seasonal compensation Continued strength and sequential growth in fee income Capital and asset quality trending expectations • Sequential decline primarily driven by lower seasonal compensation expense • Modest increase in average loans from 1Q25, growth in consumer portfolios offset by lower CRE balance • Increase in average deposits from 1Q25, driven by higher customer deposits • One additional day in the quarter • Quarterly strength across trust income, service charges, residential and commercial mortgage banking and other noninterest income • Residential mortgage servicing fee income growth aided by full quarter impact of additional sub-servicing brought on in February • Executing 2Q repurchases to manage toward 11% CET1 in 2025 • Flexibility in share repurchases depending on loan growth • Net charge-offs expected to be lumpy (+/-) quarter-to-quarter, but full year expectations of ~40 bps • Expect continued improvement in criticized 11
2025 Outlook 12 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 reasonable cost CET1 Ratio Target ~11% in 2025 • Share repurchase flexibility depending on RWA trends
Diversified Business Model with Fee Income Momentum Diversified Loan Portfolio with a History of Credit Outperformance Positive Recent Trends in Nonaccrual and Criticized Granular and Broad-Based Core Deposit Funding & Strong Liquidity Strong Capital and Low AOCI Impact High Quality Securities Portfolio Our Focus on the Fundamentals 13
Diversified Business Model Experienced teams provide a wide-range of credit, liquidity and capital markets solutions to meet our customer needs, delivered through a local engagement model and industry expertise on a national scale. Strategically built for the communities in which we operate. High-touch, local sales and service model provides a low-cost, stable funding base, a long-tenured customer base, and the shared benefits of community growth and development. 14 Institutional Services Expanding on strength of its reputation for industry leading service and strong reputation with existing network of deal influencers. Wealth Management Provides planning-led advice, leveraging Wilmington Trust’s national capabilities and the enhanced experience that LPL brings, to grow customers across the wealth continuum. Note: ‘All Other’ category not shown above. Represents 2% ($35 million) of NII, 3% ($21 million) of fees, 2% ($56 million) of revenue, <0.25% (<$0.2 billion) of loans and 5% ($8 billion) of deposits. (1) Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company’s internal funds transfer pricing methodology. (2) See Appendix 1 and 2 for reconciliation of GAAP with these non-GAAP measures. Commercial Bank Retail Bank Institutional Services & Wealth Management Net Interest Income(1) $529 million $972 milion $171 million $1,707 million31% 57% 10% Fee Income $173 million $208 million $209 million $611 million28% 34% 34% Revenue $702 million $1,180 million $380 million $2,318 million30% 51% 16% Average Loans $79 billion $52 billion $4 billion $135 billion58% 39% 3% Average Deposits $46 billion $89 billion $19 billion $161 billion28% 55% 12% ROTA(2) 1.18% 2.57% 12.01% 1.21% ROTCE(2) 13.3% 30.5% 78.4% 12.5% Efficiency Ratio(2) 50.0% 53.9% 56.5% 60.5% 1Q25, % of Total M&T Total M&T
$2,417 2024 2025 34% 22% 13% 6% 8% 6% 10% Fee Income Momentum 15 • Consistent growth in noninterest income(1) over past year; 1Q25 results are a strong start to the year with 6% YoY growth or 11% also excluding the 1Q24 BLG distribution • Total noninterest income(1) represents 26% of total revenue(2), which is lower than peer median for 1Q25 as a result of top NIM; 30% of total revenue assuming M&T had peer median NIM • Began sub-servicing approximately $52 billion of additional residential mortgage loans in 1Q25 Noninterest Income Mix(1) 1Q25 Noninterest Income(1) Trust and Brokerage Mortgage Residential Mortgage Commercial Service Charges LOC & Credit- Related Credit Card & Merchant Other 1Q25 Noninterest Income(1) $611 million Diversified Fee Businesses Perform Across Cycles (1) Noninterest income excluding securities gains and losses. (2) Total revenue includes taxable-equivalent NII and noninterest income excluding securities gains and losses. Quarterly Annual ~7% $578 $592 $608 $639 $611 1Q24 2Q24 3Q24 4Q24 1Q25
Local Scale in Key Markets 16 Source: S&P Global Market Intelligence, FDIC Summary of Deposits (1) Weighted Average by County (2) Top banks and thrifts by number of branches in Northeast / Mid-Atlantic regions (CT, DC, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VA, VT, WV). M&T as of 3/31/2025, excludes two domestic branches outside of Northeast footprint. Household Income(1) ($,000’s) Peer 1 $89 Peer 2 $89 MTB $86 Peer 3 $85 Peer 4 $84 Peer 5 $81 Peer 6 $80 Peer 7 $77 Peer 8 $77 Peer 9 $75 Peer 10 $72 Peer 11 $72 Top Northeast Banks by Branches(2) Branches JPMorgan Chase & Co. 1,174 Bank of America Corp. 1,034 M&T Bank Corp. 953 Toronto-Dominion Bank 896 Citizens Financial Group 841 Wells Fargo & Co. 800 PNC Financial Services 681 Truist Financial Corp. 614 KeyCorp 417 Banco Santander SA 399 Dense Northeast network covers a geography with only a 300-mile radius but approximately 22% of U.S. population and 25% of GDP Community Banking Approach… …and Dense, Efficient Network Deposit Market Share(1) Peer 1 34 % Peer 2 28 % MTB 26 % Peer 3 25 % Peer 4 24 % Peer 5 18 % Peer 6 17 % Peer 7 16 % Peer 8 14 % Peer 9 14 % Peer 10 12 % Peer 11 8 % …With Market Leading Franchises…
20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 1Q 25 —% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 1Q 25 —% 10% 20% 30% 40% 50% 60% Sources: S&P Global Market Intelligence Local Scale Leads to Superior Deposit Franchise Noninterest-bearing deposits represented 28% of 1Q25 average total deposits for M&T or 30% of total deposits excluding brokered, compared to 24% peer median 2005-1Q25 Average M&T 0.77% Peer Median 0.93% Difference (0.16)% Noninterest-Bearing Deposits / Total Deposits Total Cost of Deposits 17 M&T Peer Median Peer Range Total Cost of Deposits 1Q25 M&T Peer Median Peer Range 1.38% 1.63% 1.70% 1.72% 1.76% 1.77% 1.81% 1.87% 1.98% 2.00% 2.03% 2.04% Peer 1 Peer 2 MTB Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11
Retail Bank $88.9B Commercial Bank $45.5B Inst. Svcs. & Wealth Mgmt. $18.6B All Other $8.2B Diversified and Granular Deposit Base • Diversified across industries and geographies • Average relationship tenure of 16 years • Average account size $4MM; median $0.5MM • ~61% operating balances Average Deposits 1Q25 Institutional Services & Wealth Management Retail Bank Commercial Bank • Consists primarily of Consumer and Business Banking • Deposits are spread across our 900+ branch network, spanning 12 states and Washington, DC • Consumer ($65B): Average relationship tenure of 16 years; Average account size $14k • Business Banking ($21B): Average relationship tenure of 13 years; Average account size $56k; ~43% operating balances • Other Businesses ($3B): Primarily Mortgage • Consists primarily of Wealth and Institutional Services deposits • Wealth Management ($4B): Average relationship tenure of 17 years; Average account size ~$178k • Institutional Services ($14B): Average account size ~$1MM 18 $161B All Other • Consists predominantly of brokered deposits
262% 133% 12/31/2019 3/31/2025 C&I $49.5B 37% Cons. Real Estate $23.3B 17% Consumer $24.8B 18% Multifamily, $5.6B, 4% Retail, $4.5B, 3% Office, $4.0B, 3% Healthcare, $1.9B, 1% Hotel, $1.9B, 1% Industrial & Other, $2.2B, 2% Construction, $5.8B, 4% C&I - Owner Occ. $11.1B 8% Well Diversified Loan Portfolio (1) Regulatory CRE includes Construction (HC-C 1.a.(1) and HC-C 1.a.(2)), Multifamily (HC-C 1.d), non-owner occupied (HC-C 1.e.(2)) and non-real estate secured CRE (HC-C, Memo 2). Loan Portfolio Composition 3/31/2025 Regulatory CRE % of Tier 1 Capital + Allowance(1) Regulatory CRE Concentration as measured against Tier 1 Capital and Allowance has declined by ~129 percentage points since 2019 19 Permanent CRE, $20.1B, 15% $135B -129%
Source: S&P Global Market Intelligence and FRY9C. Note: Industry data represents all FDIC-insured institutions from the FDIC’s Quarterly Banking Profile (“QBP”). Average, max, and range are weighted FY1990-1Q25. Superior Credit Losses Through Multiple Economic Cycles M&T Credit Philosophy NCO % of Loans • Consistently conservative credit standards through economic cycles • Emphasis on secured lending: cash flow + collateral + guarantees • Customer selection, supported by local market knowledge • Working with customers to achieve best long-term outcome “Great Financial Crisis” 2001 Recession S&L Crisis While M&T’s long-term average nonaccrual rate has exceeded the peer median (1.1% vs. 0.9% for peers), its peak annual loss rate was 42% of the peer median – nonaccruals may not translate to losses 20 COVID 19 Pandemic Avg Max Range MTB 0.34% 1.01% 0.88% Peer Median 0.57% 2.41% 2.23% Industry 0.80% 2.56% 2.31% M&T Peer Median Peer Range Industry 19 90 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 1Q 25 —% 1% 2% 3% 4% 5%
$ IN M IL LI O N S $138 $137 $120 $160 $114 0.42% 0.41% 0.35% 0.47% 0.34% NCO ($) Net Charge-off Ratio (%) 1Q24 2Q24 3Q24 4Q24 1Q25 $ IN M IL LI O N S $200 $150 $120 $140 $130 1Q24 2Q24 3Q24 4Q24 1Q25 $ IN M IL LI O N S $2,302 $2,024 $1,926 $1,690 $1,540 1.71% 1.50% 1.42% 1.25% 1.14% Nonaccrual Loans and Leases ($) Nonaccrual Loans and Leases (%) 1Q24 2Q24 3Q24 4Q24 1Q25 $ IN M IL LI O N S $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 Credit Metrics Nonaccrual Loans and Leases Net Charge-offs Provision for Credit Losses Allowance for Credit Losses 21
Criticized C&I and CRE Loans and Leases Criticized loans and leases 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 22 $ 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
Agency MBS $16.9B US Treasury $8.5B Agency CMBS $6.4B Municipal Bonds $2.3B Equity & Other $1.0B High Quality Securities Portfolio (1) Mortgage securities include estimated prepayment under market forward interest rates. Securities Portfolio Composition 3/31/2025 • Securities of $35.1B; 17% of total assets • ~$4.1B securities maturing(1) in remainder of 2025 with an average yield of 3.4% • Investment securities yield increased 12 bps QoQ in 1Q25 to 4.0% • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +6 bps at the end of 1Q25 • HTM debt securities represent 38% of securities • Agency MBS/CMBS and U.S. Treasurys represent ~91% of securities portfolio Duration Pretax 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 Highlights 23 $35B
Strong Capital Levels Compared to Peers • Capital levels favorable to peers both as reported and when considering AOCI • Modest impact from including AOCI in regulatory capital(1) – 6 basis point positive impact to CET1 ratio at March 31, 2025 • Elected to opt into the 2025 Stress Test • Expect CET1 ratio to reach 11% in 2025 • Share repurchase flexibility, depending on RWA growth (1) Proposal would require regulatory capital to include unrealized gains / (losses) on AFS securities (no impact) and pension-related effects (+6 bps). CET1 Ratio incl. AOCI(1) 3/31/2025 Tangible Common Equity / Tangible Assets 3/31/2025 Highlights 24 11.6% 9.9% 9.7% 9.6% 9.5% 9.2% 9.1% 8.9% 8.9% 8.8% 8.3% 7.6% MTB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 9.0% 8.4% 7.8% 7.8% 7.4% 7.3% 7.1% 6.8% 6.4% 6.3% 5.9% 5.9% MTB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 +190 bps vs Peer Median +250 bps vs Peer Median
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 25 • 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
Appendices 26
Appendix 1 Note: M&T is providing supplemental reporting of its results on a “GAAP – Adjusted” basis, from which M&T excludes the after-tax effect of certain notable items of significance. Although “GAAP – Adjusted” income as presented by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of such notable items in reported results. Tables in appendices may not foot due to rounding. GAAP to GAAP - Adjusted (Non-GAAP) Reconciliation 27 In millions 2020 2021 2022 2023 2024 1Q24 4Q24 1Q25 Revenues Net interest income - GAAP $3,866 $3,825 $5,822 $7,115 $6,852 $1,680 $1,728 $1,695 Total other income - GAAP 2,088 2,167 2,357 2,528 2,427 580 657 611 Subtotal 5,955 5,992 8,179 9,643 9,279 2,260 2,385 2,306 Gain on CIT — — — (225) — — — — Gain on MTIA — — (136) — — — — — Revenues - GAAP Adjusted $5,955 $5,992 $8,042 $9,418 $9,279 $2,260 $2,385 $2,306 Noninterest expense Noninterest expense - GAAP $3,385 $3,612 $5,050 $5,379 $5,359 $1,396 $1,363 $1,415 Pension Plan Distribution Benefit — — — — 12 — 12 — Redemption of Trust Preferred Obligations — — — — (20) — (20) — Vacated Facility Write-downs — — — — (27) — (27) — FDIC special assessment — — — (197) (34) (29) — — Charitable contribution — — (135) — — — — — Merger-related expense — (44) (338) — — — — — Noninterest expense - GAAP Adjusted $3,385 $3,568 $4,577 $5,182 $5,290 $1,367 $1,328 $1,415 PPNR Revenues - GAAP Adjusted $5,955 $5,992 $8,042 $9,418 $9,279 $2,260 $2,385 $2,306 (Gain) loss on bank investment securities 9 21 6 (4) (10) (2) (18) — Noninterest expense - GAAP Adjusted (3,385) (3,568) (4,577) (5,182) (5,290) (1,367) (1,328) (1,415) Pre-provision net revenue $2,579 $2,445 $3,471 $4,232 $3,979 $891 $1,039 $891
Appendix 2 Note: 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. (1) After any related tax effect 28 GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 1Q24 4Q24 1Q25 Net income Net income - GAAP $1,353 $1,859 $1,992 $2,741 $2,588 $531 $681 $584 Amortization of core deposit and other intangible assets (1) 11 8 43 48 42 12 10 10 Merger-related expenses (1) - 34 431 - - - - - Net operating income 1,364 1,900 2,466 2,789 2,630 543 691 594 Preferred stock dividends (68) (73) (97) (100) (134) (25) (35) (36) Net operating income available to common equity $1,296 $1,827 $2,369 $2,689 $2,496 $518 $656 $558
Appendix 2 GAAP to Net Operating (Non-GAAP) Reconciliation 29 In millions 2020 2021 2022 2023 2024 1Q24 4Q24 1Q25 Efficiency ratio Noninterest expense $3,385 $3,612 $5,050 $5,379 $5,359 $1,396 $1,363 $1,415 Less: Amortization of core deposit and other intangible assets 15 10 56 62 53 15 13 13 Less: Merger-related expenses - 44 338 - - - - - Noninterest operating expense $3,370 $3,558 $4,656 $5,317 $5,306 $1,381 $1,350 $1,402 Taxable-equivalent net interest income $3,884 $3,840 $5,861 $7,169 $6,902 $1,692 $1,740 $1,707 Other income 2,088 2,167 2,357 2,528 2,427 580 657 611 Less: Gain (loss) on bank investment securities (9) (21) (6) 4 10 2 18 – Denominator $5,981 $6,028 $8,224 $9,693 $9,319 $2,270 $2,379 $2,318 Efficiency ratio 56.3 % 59.0 % 56.6 % 54.9 % 56.9 % 60.8 % 56.8 % 60.5 %
Appendix 2 GAAP to Tangible (Non-GAAP) Reconciliation 30 In millions 2020 2021 2022 2023 2024 1Q24 4Q24 1Q25 Average assets Average assets $135,480 $152,669 $190,252 $205,397 $211,220 $211,478 $211,853 $208,321 Goodwill (4,593) (4,593) (7,537) (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (21) (8) (179) (177) (120) (140) (100) (92) Deferred taxes 5 2 43 44 33 33 29 27 Average tangible assets $130,871 $148,070 $182,579 $196,791 $202,668 $202,906 $203,317 $199,791 Average common equity Average total equity $15,991 $16,909 $23,810 $25,899 $28,052 $27,019 $28,707 $28,998 Preferred stock (1,250) (1,438) (1,946) (2,011) (2,344) (2,011) (2,394) (2,394) Average common equity 14,741 15,471 21,864 23,888 25,708 25,008 26,313 26,604 Goodwill (4,593) (4,593) (7,537) (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (21) (8) (179) (177) (120) (140) (100) (92) Deferred taxes 5 2 43 44 33 33 29 27 Average tangible common equity $10,132 $10,872 $14,191 $15,282 $17,156 $16,436 $17,777 $18,074
Appendix 2 GAAP to Tangible (Non-GAAP) Reconciliation 31 In millions 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 03/31/2024 12/31/2024 03/31/2025 Total assets Total assets $142,601 $155,107 $200,730 $208,264 $208,105 $215,137 $208,105 $210,321 Goodwill (4,953) (4,593) (8,490) (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (14) (4) (209) (147) (94) (132) (94) (93) Deferred taxes 4 1 51 37 28 34 28 26 Total tangible assets $137,998 $150,511 $192,082 $199,689 $199,574 $206,574 $199,574 $201,789 Total common equity Total equity $16,187 $17,903 $25,318 $26,957 $29,027 $27,169 $29,027 $28,991 Preferred stock (1,250) (1,750) (2,011) (2,011) (2,394) (2,011) (2,394) (2,394) Common equity 14,937 16,153 23,307 24,946 26,633 25,158 26,633 26,597 Goodwill (4,953) (4,593) (8,490) (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (14) (4) (209) (147) (94) (132) (94) (93) Deferred taxes 4 1 51 37 28 34 28 26 Total tangible common equity $10,334 $11,557 $14,659 $16,371 $18,102 $16,595 $18,102 $18,065
M&T Peer Group PNC Financial Services Group, Inc.Comerica Incorporated Regions Financial CorporationFifth Third Bancorp Huntington Bancshares Incorporated Zions Bancorporation, NAKeyCorp Truist Financial Corporation U.S. Bancorp M&T Bank CorporationCitizens Financial Group, Inc. First Horizon National Corporation 32