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mbt-20240415

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 15, 2024

___________________________________

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


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

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

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

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			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 Symbol	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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

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 15, 2024, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended March 31, 2024. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information in 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 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Description
99.1						News Release dated April 15, 2024.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

M&T BANK CORPORATION

Date:

April 15, 2024

By:

/s/ Daryl N. Bible

Daryl N. Bible

Senior Executive Vice President
and Chief Financial Officer

Document

Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			April 15, 2024

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

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $531 million or $3.02 of diluted earnings per common share.


(Dollars in millions, except per share data)	1Q24			4Q23			1Q23
Earnings Highlights
Net interest income	$	1,680		$	1,722		$	1,818
Taxable-equivalent adjustment	12			13			14
Net interest income - taxable-equivalent	1,692			1,735			1,832
Provision for credit losses	200			225			120
Noninterest income	580			578			587
Noninterest expense	1,396			1,450			1,359
Net income	531			482			702
Net income available to common shareholders - diluted	505			457			676
Diluted earnings per common share	3.02			2.74			4.01
Return on average assets - annualized	1.01		%	.92		%	1.40		%
Return on average common shareholders' equity - annualized	8.14			7.41			11.74
Average Balance Sheet
Total assets	$	211,478		$	208,752		$	202,599
Interest-bearing deposits at banks	30,647			30,153			24,312
Investment securities	28,587			27,490			27,622
Loans and leases, net of unearned discount	133,796			132,770			132,012
Deposits	164,065			164,713			161,537
Borrowings	16,001			13,057			11,505
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.52		%	3.61		%	4.04		%
Efficiency ratio	60.8			62.1			55.5

Net charge-offs to average total loans - annualized	.42			.44			.22
Allowance for credit losses to total loans	1.62			1.59			1.49
Nonaccrual loans to total loans	1.71			1.62			1.92
Common equity Tier 1 ("CET1") capital ratio (1)	11.07			10.98			10.16
Common shareholders' equity per share	$	150.90		$	150.15		$	140.88

(1) March 31, 2024 CET1 capital ratio is estimated.


Financial Highlights

•The CET1 capital ratio increased 9 basis points to an estimated 11.07% at March 31, 2024, compared with 10.98% at December 31, 2023, highlighting the Company's improved capital position.

•Net interest margin of 3.52% in the recent quarter narrowed from 3.61% in the fourth quarter of 2023 reflecting higher liquidity, cash moving to investment securities and higher deposit and borrowing costs.

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

•Average deposits remained stable with a slowing mix shift to higher cost deposits. Average borrowings rose in the first quarter of 2024 as compared with the fourth quarter of 2023 due to increased borrowings from the Federal Home Loan Bank ("FHLB") of New York and the issuance of senior notes.

•Provision for credit losses in the recent quarter reflects elevated levels of criticized commercial and industrial loans and loan growth.

•Expenses included $99 million of seasonal salaries and employee benefits expense and a $29 million estimated increase in the FDIC special assessment, reflecting the FDIC's higher loss estimate attributable to certain failed banks.


Chief Financial Officer Commentary

"We are off to a solid start in 2024 as we were able to grow certain sectors of our commercial and consumer loan portfolios, while continuing to shrink our commercial real estate exposure. Expenses were prudently managed in the recent quarter and our selective approach to allocating resources to our strategic priorities with utmost care has not wavered. M&T's liquidity and capital position strengthened, reflecting a stable deposit base, higher levels of borrowings and solid earnings after considering seasonal employee compensation expenses and an incremental FDIC special assessment. I thank my colleagues at M&T for their stewardship of shareholder capital and their continuous support of our mission to make a difference in the lives of our customers and the communities in which we serve."

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

Contact:

Investor Relations: Brian Klock 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			First Quarter 2024 Results


Non-GAAP Measures (1)

							Change 1Q24 vs.					Change 1Q24 vs.
(Dollars in millions, except per share data)	1Q24			4Q23			4Q23		1Q23			1Q23

Net operating income	$	543		$	494		10	%	$	715		-24	%
Diluted net operating earnings per common share	3.09			2.81			10		4.09			-24
Annualized return on average tangible assets	1.08		%	.98		%			1.49		%
Annualized return on average tangible common equity	12.67			11.70					19.00
Efficiency ratio	60.8			62.1					55.5
Tangible equity per common share	$	99.54		$	98.54		1		$	88.81		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 1Q24 vs.					Change 1Q24 vs.
(Dollars in millions)	1Q24			4Q23			4Q23		1Q23			1Q23

Average earning assets	$	193,135		$	190,536		1	%	$	184,069		5	%
Average interest-bearing liabilities	131,451			127,646			3		111,188			18
Net interest income ̶ taxable-equivalent	1,692			1,735			-2		1,832			-8
Yield on average earning assets	5.74		%	5.73		%			5.16		%
Cost of interest-bearing liabilities	3.26			3.17					1.86
Net interest spread	2.48			2.56					3.30
Net interest margin	3.52			3.61					4.04

Taxable-equivalent net interest income decreased $43 million, or 2%, from the fourth quarter of 2023.

•Average borrowings rose $2.9 billion and the rate paid on such borrowings increased 13 basis points.

•Average interest-bearing deposits increased $861 million and the rates paid on such deposits rose 3 basis points.

•The yield on average loans and leases declined 1 basis point.

•Average investment securities increased $1.1 billion and the rates earned on those securities increased 17 basis points.

Taxable-equivalent net interest income decreased $140 million, or 8%, compared with the year-earlier first quarter.

•Average interest-bearing deposits rose $15.8 billion and the rates paid on those deposits increased 144 basis points.

•Average borrowings increased $4.5 billion and rates paid on such borrowings increased 64 basis points.


			First Quarter 2024 Results

•Yields earned on average interest-bearing deposits at banks and average loans and leases increased 85 basis points and 62 basis points, respectively.

•Average interest-bearing deposits at banks and average loans and leases increased $6.3 billion and $1.8 billion, respectively.


Average Earning Assets

					Change 1Q24 vs.				Change 1Q24 vs.
(Dollars in millions)	1Q24		4Q23		4Q23		1Q23		1Q23
Interest-bearing deposits at banks	$	30,647	$	30,153	2	%	$	24,312	26	%

Trading account	105		123		-15		123		-14
Investment securities	28,587		27,490		4		27,622		3
Loans and leases, net of unearned discount
Commercial and industrial	56,821		55,420		3		52,510		8
Real estate - commercial	32,696		33,455		-2		35,245		-7
Real estate - consumer	23,136		23,339		-1		23,770		-3
Consumer	21,143		20,556		3		20,487		3
Total loans and leases, net	133,796		132,770		1		132,012		1
Total earning assets	$	193,135	$	190,536	1		$	184,069	5

Average earning assets increased $2.6 billion, or 1%, from the fourth quarter of 2023.

•Average interest-bearing deposits at banks increased $494 million reflecting higher levels of borrowings partially offset by the purchase of investment securities and loan growth.

•Average loans and leases increased $1.0 billion primarily reflective of growth in average commercial and industrial loans and leases and consumer loans, partially offset by declines in average commercial real estate and residential real estate loans. The growth in commercial and industrial loans spanned most industry types.

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

Average earning assets increased $9.1 billion, or 5%, from the year-earlier first quarter.

•Average interest-bearing deposits at banks increased $6.3 billion reflecting a rise in average deposits and higher levels of borrowings, partially offset by loan growth and purchases of investment securities.

•Average loans and leases increased $1.8 billion predominantly due to higher average commercial and industrial loans and leases of $4.3 billion reflecting lending activities to financial and insurance industry customers and motor vehicle and recreational finance dealers, partially offset by a $2.5 billion decline in average commercial real estate loans.

•Average investment securities increased $965 million due to the purchases of investment securities in 2023 and through the first quarter of 2024.


			First Quarter 2024 Results


Average Interest-bearing Liabilities

					Change 1Q24 vs.				Change 1Q24 vs.
(Dollars in millions)	1Q24		4Q23		4Q23		1Q23		1Q23
Interest-bearing deposits
Savings and interest-checking deposits	$	94,867	$	93,365	2	%	$	88,053	8	%
Time deposits	20,583		21,224		-3		11,630		77
Total interest-bearing deposits	115,450		114,589		1		99,683		16
Short-term borrowings	6,228		5,156		21		4,994		25
Long-term borrowings	9,773		7,901		24		6,511		50
Total interest-bearing liabilities	$	131,451	$	127,646	3		$	111,188	18

Average interest-bearing liabilities increased $3.8 billion, or 3%, from the fourth quarter of 2023.

•Average borrowings increased $2.9 billion predominantly due to the issuance of senior notes in the first quarter of 2024 and higher levels of average borrowings from the FHLB of New York.

•Average interest-bearing deposits increased $861 million, reflective of a $1.6 billion increase in average non-brokered deposits.

Average interest-bearing liabilities increased $20.3 billion, or 18%, from the first quarter of 2023.

•Average interest-bearing deposits rose $15.8 billion, including a $10.6 billion increase in average non-brokered deposits, reflecting customer demand for interest-bearing products amidst rising rates.

•Average borrowings increased $4.5 billion reflecting the issuances of senior notes and other long-term debt since the first quarter of 2023 and increases in average borrowings from the FHLB of New York.


			First Quarter 2024 Results


Provision for Credit Losses/Asset Quality

							Change 1Q24 vs.					Change 1Q24 vs.
(Dollars in millions)	1Q24			4Q23			4Q23		1Q23			1Q23

At end of quarter
Nonaccrual loans	$	2,302		$	2,166		6	%	$	2,557		-10	%
Real estate and other foreclosed assets	38			39			—		44			-13
Total nonperforming assets	2,340			2,205			6		2,601			-10
Accruing loans past due 90 days or more (1)	297			339			-12		407			-27
Nonaccrual loans as % of loans outstanding	1.71		%	1.62		%			1.92		%

Allowance for credit losses	$	2,191		$	2,129		3		$	1,975		11
Allowance for credit losses as % of loans outstanding	1.62		%	1.59		%			1.49		%

For the period
Provision for credit losses	$	200		$	225		-11		$	120		67
Net charge-offs	138			148			-7		70			97
Net charge-offs as % of average loans (annualized)	.42		%	.44		%			.22		%

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

M&T recorded a provision for credit losses of $200 million in the first quarter of 2024 and $225 million in the immediately preceding quarter, compared with $120 million in the first quarter of 2023. The comparatively higher provisions for credit losses in the most recent two quarters as compared with the first quarter of 2023 reflect declines in commercial real estate values and higher interest rates contributing to a deterioration in the performance of loans to commercial borrowers, including nonautomotive dealers and healthcare facilities, as well as growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. Net charge-offs totaled $138 million in 2024's first quarter as compared with $148 million in 2023's final quarter and $70 million in the year-earlier quarter. The lower level of net charge-offs in the first quarter of 2024 as compared with the preceding quarter included a decline in commercial real estate loan net charge-offs, partially offset by an increase in net charge-offs of commercial and industrial and consumer loans. As compared with year-earlier first quarter, the recent quarter net charge-offs reflect higher levels of commercial and industrial and consumer loan net charge-offs.

Nonaccrual loans were $2.3 billion at March 31, 2024, $136 million higher than December 31, 2023 but $255 million lower than March 31, 2023. The higher level of nonaccrual loans at the recent quarter end as compared with the immediately preceding quarter end was largely attributable to an increase in commercial and industrial nonaccrual loans partially offset by a decrease in commercial real estate nonaccrual loans. The decrease in nonaccrual loans at March 31, 2024 as compared with year-earlier quarter was predominantly due to lower levels of commercial real estate nonaccrual loans, including net charge-offs, and residential real estate nonaccrual loans, partially offset by a rise in commercial and industrial nonaccrual loans.


			First Quarter 2024 Results


Noninterest Income

					Change 1Q24 vs.				Change 1Q24 vs.
(Dollars in millions)	1Q24		4Q23		4Q23		1Q23		1Q23
Mortgage banking revenues	$	104	$	112	-7	%	$	85	23	%
Service charges on deposit accounts	124		121		2		113		9
Trust income	160		159		1		194		-17
Brokerage services income	29		26		10		24		20
Trading account and non-hedging derivative gains	9		11		-19		12		-21
Gain (loss) on bank investment securities	2		4		-35		—		—
Other revenues from operations	152		145		4		159		-5
Total	$	580	$	578	—		$	587	-1

Noninterest income in the first quarter of 2024 was largely unchanged from 2023's fourth quarter.

•Other revenues from operations increased $7 million resulting from a $25 million distribution from Bayview Lending Group LLC ("BLG") received in the first quarter of 2024 partially offset by declines in letter of credit and other credit-related fees, lower income earned from bank owned life insurance and a decline in merchant discount and credit card fees.

•Mortgage banking revenues decreased $8 million reflecting a decline in gains on sale of commercial mortgage loans as a result of decreased origination volume, partially offset by higher residential mortgage banking revenues.

Noninterest income declined $7 million, or 1%, as compared with the year-earlier first quarter.

•Trust income decreased $34 million reflecting lower revenues associated with the Company's Collective Investment Trust ("CIT") business of approximately $45 million following its sale in April 2023, partially offset by $11 million of higher revenues mainly attributable to higher sales and fees from the Company's global capital markets business.

•Other revenues from operations declined $7 million reflecting lower gains on the sale of leased equipment.

•Mortgage banking revenues rose $19 million due to higher servicing income related to the bulk purchase of residential mortgage loan servicing rights at the end of the first quarter of 2023.

•Service charges on deposit accounts increased $11 million predominantly due to a rise in commercial service charges.

•Brokerage services income increased $5 million due to higher annuity sales.


			First Quarter 2024 Results


Noninterest Expense

					Change 1Q24 vs.				Change 1Q24 vs.
(Dollars in millions)	1Q24		4Q23		4Q23		1Q23		1Q23
Salaries and employee benefits	$	833	$	724	15	%	$	808	3	%
Equipment and net occupancy	129		134		-4		127		2
Outside data processing and software	120		114		5		106		13
Professional and other services	85		99		-13		125		-31
FDIC assessments	60		228		-74		30		101
Advertising and marketing	20		26		-21		31		-35
Amortization of core deposit and other intangible assets	15		15		—		17		-13
Other costs of operations	134		110		21		115		16
Total	$	1,396	$	1,450	-4		$	1,359	3

Noninterest expense aggregated $1.40 billion in the recent quarter, down from $1.45 billion in the fourth quarter of 2023.

•FDIC assessments reflect a $197 million estimated special assessment in the fourth quarter of 2023 and $29 million of estimated incremental special assessment expense recorded in the first quarter of 2024 for the FDIC's updated loss estimates associated with certain failed banks.

•Professional and other services expenses decreased $14 million reflecting the timing and level of consulting and legal-related fees.

•Salaries and employee benefits expense increased $109 million reflecting annual merit increases and $99 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense.

•Other costs of operations increased $24 million reflecting higher costs associated with the Company's supplemental executive retirement savings plan, losses on lease terminations related to certain vacated properties and incremental charitable contributions as compared with the fourth quarter of 2023.

Noninterest expense increased $37 million from the first quarter of 2023.

•FDIC assessments increased $30 million reflecting the $29 million of estimated incremental special assessment expense recorded in the first quarter of 2024.

•Salaries and employee benefits expenses increased $25 million reflecting higher salaries expense due to annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels.

•Other costs of operations increased $19 million as a result of higher amortization of capitalized servicing assets predominantly due to the bulk purchase of residential mortgage loan servicing rights at the end of the first quarter of 2023.

•Outside data processing and software increased $14 million due to higher software licensing and maintenance fees.

•Professional and other services expense declined $40 million reflecting lower sub-advisory fees as a result of the sale of the CIT business.

•Advertising and marketing expense decreased $11 million reflecting a general reduction in those related activities.


			First Quarter 2024 Results


Income Taxes

The Company's effective tax rate was 20.0% in the first quarter of 2024, compared with 22.9% and 24.2% in the fourth quarter of 2023 and first quarter of 2023, respectively. The first quarter of 2024 income tax expense reflects a net discrete tax benefit related to the resolution of a tax matter inherited from the acquisition of People's United Financial, Inc.


Capital

	1Q24			4Q23		1Q23
CET1	11.07	%	(1)	10.98	%	10.16	%
Tier 1 capital	12.37		(1)	12.29		11.48
Total capital	14.03		(1)	13.99		13.28
Tangible capital – common	8.03			8.20		7.58

(1)March 31, 2024 capital ratios are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $219 million and $25 million, respectively, for the quarter ended March 31, 2024. M&T did not repurchase any shares of its common stock in the first quarter of 2024 or the fourth quarter of 2023. In the first quarter of 2023, M&T repurchased 3,838,157 shares of its common stock in accordance with its capital plan for a total cost, including the share repurchase excise tax, of $600 million.

The CET1 capital ratio for M&T was estimated at 11.07% as of March 31, 2024. M&T's total risk-weighted assets at March 31, 2024 are estimated to be $155 billion.


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 #MTBQ124. 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 22, 2024 by calling (800) 839-2385, or (402) 220-7203 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.


About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.


			First Quarter 2024 Results


Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; the impact of the People's United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.


			First Quarter 2024 Results

Financial Highlights


	Three months ended
	March 31,
(Dollars in millions, except per share, shares in thousands)	2024			2023			Change

Performance
Net income	$	531		$	702		-24	%
Net income available to common shareholders	505			676			-25


Per common share:
Basic earnings	3.04			4.03			-25
Diluted earnings	3.02			4.01			-25
Cash dividends	1.30			1.30			—


Common shares outstanding:
Average - diluted (1)	167,084			168,410			-1
Period end (2)	166,724			165,865			1


Return on (annualized):
Average total assets	1.01		%	1.40		%
Average common shareholders' equity	8.14			11.74
Taxable-equivalent net interest income	$	1,692		$	1,832		-8


Yield on average earning assets	5.74		%	5.16		%
Cost of interest-bearing liabilities	3.26			1.86
Net interest spread	2.48			3.30
Contribution of interest-free funds	1.04			.74
Net interest margin	3.52			4.04
Net charge-offs to average total net loans (annualized)	.42			.22
Net operating results (3)
Net operating income	$	543		$	715		-24
Diluted net operating earnings per common share	3.09			4.09			-24
Return on (annualized):
Average tangible assets	1.08		%	1.49		%
Average tangible common equity	12.67			19.00
Efficiency ratio	60.8			55.5

	At March 31,
Loan quality	2024			2023			Change


Nonaccrual loans	$	2,302		$	2,557		-10	%
Real estate and other foreclosed assets	38			44			-13
Total nonperforming assets	$	2,340		$	2,601		-10
Accruing loans past due 90 days or more (4)	$	297		$	407		-27
Government guaranteed loans included in totals above:
Nonaccrual loans	$	62		$	42		47
Accruing loans past due 90 days or more	244			306			-20






Nonaccrual loans to total loans	1.71		%	1.92		%
Allowance for credit losses to total loans	1.62			1.49

(1) Includes common stock equivalents.

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

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Predominantly residential real estate loans.


			First Quarter 2024 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)	2024			2023			2023			2023			2023
Performance
Net income	$	531		$	482		$	690		$	867		$	702
Net income available to common shareholders	505			457			664			841			676

Per common share:
Basic earnings	3.04			2.75			4.00			5.07			4.03
Diluted earnings	3.02			2.74			3.98			5.05			4.01
Cash dividends	1.30			1.30			1.30			1.30			1.30

Common shares outstanding:
Average - diluted (1)	167,084			166,731			166,570			166,320			168,410
Period end (2)	166,724			166,149			165,970			165,894			165,865

Return on (annualized):
Average total assets	1.01		%	.92		%	1.33		%	1.70		%	1.40		%
Average common shareholders' equity	8.14			7.41			10.99			14.27			11.74

Taxable-equivalent net interest income	$	1,692		$	1,735		$	1,790		$	1,813		$	1,832

Yield on average earning assets	5.74		%	5.73		%	5.62		%	5.46		%	5.16		%
Cost of interest-bearing liabilities	3.26			3.17			2.83			2.43			1.86
Net interest spread	2.48			2.56			2.79			3.03			3.30
Contribution of interest-free funds	1.04			1.05			1.00			.88			.74
Net interest margin	3.52			3.61			3.79			3.91			4.04

Net charge-offs to average total net loans (annualized)	.42			.44			.29			.38			.22

Net operating results (3)
Net operating income	$	543		$	494		$	702		$	879		$	715
Diluted net operating earnings per common share	3.09			2.81			4.05			5.12			4.09
Return on (annualized):
Average tangible assets	1.08		%	.98		%	1.41		%	1.80		%	1.49		%
Average tangible common equity	12.67			11.70			17.41			22.73			19.00
Efficiency ratio	60.8			62.1			53.7			48.9			55.5




	March 31,			December 31,			September 30,			June 30,			March 31,
Loan quality	2024			2023			2023			2023			2023
Nonaccrual loans	$	2,302		$	2,166		$	2,342		$	2,435		$	2,557
Real estate and other foreclosed assets	38			39			37			43			44
Total nonperforming assets	$	2,340		$	2,205		$	2,379		$	2,478		$	2,601

Accruing loans past due 90 days or more (4)	$	297		$	339		$	354		$	380		$	407

Government guaranteed loans included in totals above:
Nonaccrual loans	$	62		$	53		$	40		$	40		$	42
Accruing loans past due 90 days or more	244			298			269			294			306












Nonaccrual loans to total loans	1.71		%	1.62		%	1.77		%	1.83		%	1.92		%
Allowance for credit losses to total loans	1.62			1.59			1.55			1.50			1.49

(1) Includes common stock equivalents.

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

(4) Predominantly residential real estate loans.


			First Quarter 2024 Results

Condensed Consolidated Statement of Income


	Three months ended
	March 31,
(Dollars in millions)	2024		2023		Change
Interest income	$	2,745	$	2,327	18	%
Interest expense	1,065		509		109
Net interest income	1,680		1,818		-8
Provision for credit losses	200		120		67
Net interest income after provision for credit losses	1,480		1,698		-13
Other income
Mortgage banking revenues	104		85		23
Service charges on deposit accounts	124		113		9
Trust income	160		194		-17
Brokerage services income	29		24		20
Trading account and non-hedging derivative gains	9		12		-21
Gain (loss) on bank investment securities	2		—		—
Other revenues from operations	152		159		-5
Total other income	580		587		-1
Other expense
Salaries and employee benefits	833		808		3
Equipment and net occupancy	129		127		2
Outside data processing and software	120		106		13
Professional and other services	85		125		-31
FDIC assessments	60		30		101
Advertising and marketing	20		31		-35
Amortization of core deposit and other intangible assets	15		17		-13
Other costs of operations	134		115		16
Total other expense	1,396		1,359		3
Income before income taxes	664		926		-28
Applicable income taxes	133		224		-41
Net income	$	531	$	702	-24	%


			First Quarter 2024 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)	2024		2023		2023		2023		2023
Interest income	$	2,745	$	2,740	$	2,641	$	2,516	$	2,327
Interest expense	1,065		1,018		866		717		509
Net interest income	1,680		1,722		1,775		1,799		1,818
Provision for credit losses	200		225		150		150		120
Net interest income after provision for credit losses	1,480		1,497		1,625		1,649		1,698
Other income
Mortgage banking revenues	104		112		105		107		85
Service charges on deposit accounts	124		121		121		119		113
Trust income	160		159		155		172		194
Brokerage services income	29		26		27		25		24
Trading account and non-hedging derivative gains	9		11		9		17		12
Gain (loss) on bank investment securities	2		4		—		1		—
Other revenues from operations	152		145		143		362		159
Total other income	580		578		560		803		587
Other expense
Salaries and employee benefits	833		724		727		738		808
Equipment and net occupancy	129		134		131		129		127
Outside data processing and software	120		114		111		106		106
Professional and other services	85		99		89		100		125
FDIC assessments	60		228		29		28		30
Advertising and marketing	20		26		23		28		31
Amortization of core deposit and other intangible assets	15		15		15		15		17
Other costs of operations	134		110		153		149		115
Total other expense	1,396		1,450		1,278		1,293		1,359
Income before income taxes	664		625		907		1,159		926
Applicable income taxes	133		143		217		292		224
Net income	$	531	$	482	$	690	$	867	$	702


			First Quarter 2024 Results

Condensed Consolidated Balance Sheet


	March 31,

(Dollars in millions)	2024		2023		Change
ASSETS
Cash and due from banks	$	1,695	$	1,818	-7	%
Interest-bearing deposits at banks	32,144		22,306		44



Trading account	99		165		-40
Investment securities	28,496		28,443		—
Loans and leases, net of unearned discount:
Commercial and industrial	57,897		53,934		7
Real estate - commercial	32,416		34,897		-7
Real estate - consumer	23,076		23,790		-3
Consumer	21,584		20,317		6
Total loans and leases, net	134,973		132,938		2
Less: allowance for credit losses	2,191		1,975		11
Net loans and leases	132,782		130,963		1
Goodwill	8,465		8,490		—
Core deposit and other intangible assets	132		192		-31
Other assets	11,324		10,579		7
Total assets	$	215,137	$	202,956	6	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	50,578	$	59,955	-16	%
Interest-bearing deposits	116,618		99,120		18


Total deposits	167,196		159,075		5
Short-term borrowings	4,795		6,995		-31
Accrued interest and other liabilities	4,527		4,046		12
Long-term borrowings	11,450		7,463		53
Total liabilities	187,968		177,579		6
Shareholders' equity:
Preferred	2,011		2,011		—
Common	25,158		23,366		8
Total shareholders' equity	27,169		25,377		7
Total liabilities and shareholders' equity	$	215,137	$	202,956	6	%


			First Quarter 2024 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions)	2024		2023		2023		2023		2023
ASSETS
Cash and due from banks	$	1,695	$	1,731	$	1,769	$	1,848	$	1,818
Interest-bearing deposits at banks	32,144		28,069		30,114		27,107		22,306

Trading account	99		106		137		137		165
Investment securities	28,496		26,897		27,336		27,917		28,443
Loans and leases, net of unearned discount:
Commercial and industrial	57,897		57,010		54,891		54,699		53,934
Real estate - commercial	32,416		33,003		33,741		34,634		34,897
Real estate - consumer	23,076		23,264		23,448		23,762		23,790
Consumer	21,584		20,791		20,275		20,249		20,317


Total loans and leases, net	134,973		134,068		132,355		133,344		132,938
Less: allowance for credit losses	2,191		2,129		2,052		1,998		1,975
Net loans and leases	132,782		131,939		130,303		131,346		130,963


Goodwill	8,465		8,465		8,465		8,465		8,490
Core deposit and other intangible assets	132		147		162		177		192
Other assets	11,324		10,910		10,838		10,675		10,579
Total assets	$	215,137	$	208,264	$	209,124	$	207,672	$	202,956

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	50,578	$	49,294	$	53,787	$	54,938	$	59,955
Interest-bearing deposits	116,618		113,980		110,341		107,120		99,120


Total deposits	167,196		163,274		164,128		162,058		159,075


Short-term borrowings	4,795		5,316		6,731		7,908		6,995
Accrued interest and other liabilities	4,527		4,516		4,946		4,488		4,046
Long-term borrowings	11,450		8,201		7,123		7,417		7,463
Total liabilities	187,968		181,307		182,928		181,871		177,579


Shareholders' equity:
Preferred	2,011		2,011		2,011		2,011		2,011
Common	25,158		24,946		24,185		23,790		23,366
Total shareholders' equity	27,169		26,957		26,196		25,801		25,377


Total liabilities and shareholders' equity	$	215,137	$	208,264	$	209,124	$	207,672	$	202,956


			First Quarter 2024 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, 2024 from
	2024				2023				2023				December 31,		March 31,
(Dollars in millions)	Balance		Rate		Balance		Rate		Balance		Rate		2023		2023
ASSETS
Interest-bearing deposits at banks	$	30,647	5.49	%	$	30,153	5.48	%	$	24,312	4.64	%	2	%	26	%


Federal funds sold and agreements to resell securities	—		5.80		—		5.79		—		4.89		-78		-92
Trading account	105		3.42		123		3.80		123		2.32		-15		-14
Investment securities	28,587		3.30		27,490		3.13		27,622		3.00		4		3
Loans and leases, net of unearned discount:


Commercial and industrial	56,821		6.99		55,420		7.01		52,510		6.30		3		8
Real estate - commercial	32,696		6.36		33,455		6.54		35,245		5.89		-2		-7
Real estate - consumer	23,136		4.28		23,339		4.25		23,770		3.96		-1		-3
Consumer	21,143		6.54		20,556		6.42		20,487		5.67		3		3
Total loans and leases, net	133,796		6.32		132,770		6.33		132,012		5.70		1		1
Total earning assets	193,135		5.74		190,536		5.73		184,069		5.16		1		5
Goodwill	8,465				8,465				8,490				—		—


Core deposit and other intangible assets	140				154				201				-10		-30
Other assets	9,738				9,597				9,839				1		-1
Total assets	$	211,478			$	208,752			$	202,599			1	%	4	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits


Savings and interest-checking deposits	$	94,867	2.61		$	93,365	2.58		$	88,053	1.28		2	%	8	%
Time deposits	20,583		4.41		21,224		4.30		11,630		3.11		-3		77




Total interest-bearing deposits	115,450		2.93		114,589		2.90		99,683		1.49		1		16
Short-term borrowings	6,228		5.42		5,156		5.27		4,994		4.69		21		25
Long-term borrowings	9,773		5.81		7,901		5.70		6,511		5.27		24		50
Total interest-bearing liabilities	131,451		3.26		127,646		3.17		111,188		1.86		3		18
Noninterest-bearing deposits	48,615				50,124				61,854				-3		-21
Other liabilities	4,393				4,482				4,180				-2		5
Total liabilities	184,459				182,252				177,222				1		4
Shareholders' equity	27,019				26,500				25,377				2		6


Total liabilities and shareholders' equity	$	211,478			$	208,752			$	202,599			1	%	4	%

Net interest spread			2.48				2.56				3.30
Contribution of interest-free funds			1.04				1.05				.74
Net interest margin			3.52	%			3.61	%			4.04	%


			First Quarter 2024 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,
	2024			2023			2023			2023			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	531		$	482		$	690		$	867		$	702
Amortization of core deposit and other intangible assets (1)	12			12			12			12			13



Net operating income	$	543		$	494		$	702		$	879		$	715


Earnings per common share
Diluted earnings per common share	$	3.02		$	2.74		$	3.98		$	5.05		$	4.01
Amortization of core deposit and other intangible assets (1)	.07			.07			.07			.07			.08



Diluted net operating earnings per common share	$	3.09		$	2.81		$	4.05		$	5.12		$	4.09


Other expense
Other expense	$	1,396		$	1,450		$	1,278		$	1,293		$	1,359
Amortization of core deposit and other intangible assets	(15)			(15)			(15)			(15)			(17)



Noninterest operating expense	$	1,381		$	1,435		$	1,263		$	1,278		$	1,342


















Efficiency ratio
Noninterest operating expense (numerator)	$	1,381		$	1,435		$	1,263		$	1,278		$	1,342
Taxable-equivalent net interest income	$	1,692		$	1,735		$	1,790		$	1,813		$	1,832
Other income	580			578			560			803			587
Less: Gain (loss) on bank investment securities	2			4			—			1			—
Denominator	$	2,270		$	2,309		$	2,350		$	2,615		$	2,419
Efficiency ratio	60.8		%	62.1		%	53.7		%	48.9		%	55.5		%


Balance sheet data
Average assets
Average assets	$	211,478		$	208,752		$	205,791		$	204,376		$	202,599
Goodwill	(8,465)			(8,465)			(8,465)			(8,473)			(8,490)
Core deposit and other intangible assets	(140)			(154)			(170)			(185)			(201)
Deferred taxes	33			39			43			46			49
Average tangible assets	$	202,906		$	200,172		$	197,199		$	195,764		$	193,957


Average common equity
Average total equity	$	27,019		$	26,500		$	26,020		$	25,685		$	25,377
Preferred stock	(2,011)			(2,011)			(2,011)			(2,011)			(2,011)
Average common equity	25,008			24,489			24,009			23,674			23,366
Goodwill	(8,465)			(8,465)			(8,465)			(8,473)			(8,490)
Core deposit and other intangible assets	(140)			(154)			(170)			(185)			(201)
Deferred taxes	33			39			43			46			49
Average tangible common equity	$	16,436		$	15,909		$	15,417		$	15,062		$	14,724


At end of quarter


Total assets
Total assets	$	215,137		$	208,264		$	209,124		$	207,672		$	202,956
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,490)
Core deposit and other intangible assets	(132)			(147)			(162)			(177)			(192)
Deferred taxes	34			37			41			44			47
Total tangible assets	$	206,574		$	199,689		$	200,538		$	199,074		$	194,321


Total common equity
Total equity	$	27,169		$	26,957		$	26,197		$	25,801		$	25,377
Preferred stock	(2,011)			(2,011)			(2,011)			(2,011)			(2,011)


Common equity	25,158			24,946			24,186			23,790			23,366
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,490)
Core deposit and other intangible assets	(132)			(147)			(162)			(177)			(192)
Deferred taxes	34			37			41			44			47
Total tangible common equity	$	16,595		$	16,371		$	15,600		$	15,192		$	14,731

(1) After any related tax effect.