SEC Filing | M&T Bank Corporation

View:

Download DOC

Download PDF

Download XLS

Download XBRL

mbt-20241017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 17, 2024

___________________________________

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


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

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

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

___________________________________

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


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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

On October 17, 2024, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended September 30, 2024. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

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

Item 7.01. Regulation FD Disclosure.

On October 17, 2024, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T’s website at ir.mtb.com/events-presentations.

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

Item 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Exhibit Description
99.1						News Release dated October 17 , 2024
99.2						M&T Bank Corporation presentation dated October 17, 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:

October 17, 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			October 17, 2024

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

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $721 million or $4.02 of diluted earnings per common share.


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

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2) September 30, 2024 CET1 capital ratio is estimated.


Financial Highlights

•M&T's capital position continues to strengthen as the CET1 capital ratio rose for the sixth consecutive quarter to an estimated 11.54% at September 30, 2024, representing a 9 basis point increase from 11.45% at June 30, 2024. M&T repurchased shares of its common stock for a total cost of $200 million, including the share repurchase excise tax, in the third quarter of 2024.

•Net interest margin of 3.62% in the recent quarter widened from 3.59% in the second quarter of 2024 reflecting higher yields on investment securities and lower funding costs led by a decline in brokered time deposits.

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

•A decline in average deposits in the third quarter of 2024 as compared with the second quarter of 2024 reflects lower average brokered time deposits. The decrease in average borrowings in the recent quarter from the second quarter of 2024 primarily reflects lower average short-term borrowings from the Federal Home Loan Bank ("FHLB") of New York.

•The decline in provision for credit losses in the recent quarter from the second quarter of 2024 reflects lower levels of criticized commercial real estate and commercial and industrial loans, partially offset by commercial and industrial and consumer loan growth.

•The level of nonaccrual loans improved to 1.42% of loans outstanding at September 30, 2024 from 1.50% at June 30, 2024.


Chief Financial Officer Commentary

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

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

Contact:

Investor Relations: Brian Klock 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			Third Quarter 2024 Results


Non-GAAP Measures (1)

							Change 3Q24 vs.					Change 3Q24 vs.
(Dollars in millions, except per share data)	3Q24			2Q24			2Q24		3Q23			3Q23

Net operating income	$	731		$	665		10	%	$	702		4	%
Diluted net operating earnings per common share	4.08			3.79			8		4.05			1
Annualized return on average tangible assets	1.45		%	1.31		%			1.41		%
Annualized return on average tangible common equity	15.47			15.27					17.41
Efficiency ratio	55.0			55.3					53.7
Tangible equity per common share	$	107.97		$	102.42		5		$	93.99		15

(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.


Taxable-equivalent Net Interest Income

							Change 3Q24 vs.					Change 3Q24 vs.
(Dollars in millions)	3Q24			2Q24			2Q24		3Q23			3Q23

Average earning assets	$	191,366		$	193,676		-1	%	$	187,403		2	%
Average interest-bearing liabilities	130,775			132,209			-1		121,388			8
Net interest income - taxable-equivalent	1,739			1,731			1		1,790			-3
Yield on average earning assets	5.82		%	5.82		%			5.62		%
Cost of interest-bearing liabilities	3.22			3.26					2.83
Net interest spread	2.60			2.56					2.79
Net interest margin	3.62			3.59					3.79

Taxable-equivalent net interest income increased $8 million, or 1%, from the second quarter of 2024.

•Average loans and leases increased $163 million and the yield on those loans and leases was unchanged.

•Average investment securities increased $1.3 billion and the rates earned on those securities increased 9 basis points.

•Average interest-bearing deposits decreased $410 million and the rates paid on such deposits declined 2 basis points. Average brokered deposits declined $1.1 billion in the recent quarter.

•Average borrowings declined $1.0 billion and the rates paid on such borrowings were flat.

•Average interest-bearing deposits at banks decreased $3.8 billion.

Taxable-equivalent net interest income decreased $51 million, or 3%, compared with the year-earlier third quarter.

•Average interest-bearing deposits rose $6.5 billion and the rates paid on those deposits increased 34 basis points. Average brokered deposits declined $2.0 billion.


			Third Quarter 2024 Results

•Average borrowings increased $2.8 billion and rates paid on such borrowings increased 40 basis points.

•Average interest bearing deposits at banks decreased $1.2 billion.

•Average investment securities and average loans and leases increased $3.0 billion and $2.1 billion, respectively.

•The yields earned on average investment securities and average loans and leases increased 56 basis points and 19 basis points, respectively.


Average Earning Assets

					Change 3Q24 vs.				Change 3Q24 vs.
(Dollars in millions)	3Q24		2Q24		2Q24		3Q23		3Q23
Interest-bearing deposits at banks	$	25,491	$	29,294	-13	%	$	26,657	-4	%

Trading account	101		99		2		136		-26
Investment securities	31,023		29,695		4		27,993		11
Loans and leases, net of unearned discount
Commercial and industrial	59,779		58,152		3		54,567		10
Real estate - commercial	29,075		31,458		-8		34,288		-15
Real estate - consumer	22,994		23,006		—		23,573		-2
Consumer	22,903		21,972		4		20,189		13
Total loans and leases, net	134,751		134,588		—		132,617		2
Total earning assets	$	191,366	$	193,676	-1		$	187,403	2

Average earning assets decreased $2.3 billion, or 1%, from the second quarter of 2024.

•Average interest-bearing deposits at banks decreased $3.8 billion reflecting purchases of investment securities and the run-off of brokered time deposits and short-term FHLB advances.

•Average investment securities increased $1.3 billion primarily due to purchases of fixed rate agency mortgage-backed and U.S. Treasury securities during the third quarter of 2024.

•Average loans and leases increased $163 million primarily reflective of growth in average commercial and industrial loans and leases of $1.6 billion and consumer loans of $931 million, partially offset by a decline in average commercial real estate loans of $2.4 billion. The growth in commercial and industrial loans spanned most industry types.

Average earning assets increased $4.0 billion, or 2%, from the year-earlier third quarter.

•Average interest-bearing deposits at banks decreased $1.2 billion reflecting purchases of investment securities, loan growth and a decline in average deposits, partially offset by higher levels of average borrowings.

•Average investment securities increased $3.0 billion reflecting purchases of fixed rate agency mortgage-backed and U.S. Treasury securities over the past nine months.

•Average loans and leases increased $2.1 billion predominantly due to higher average commercial and industrial loans and leases of $5.2 billion, reflecting lending activities to financial and insurance industry customers, motor vehicle and recreational finance dealers and to the services industry, and consumer loans of $2.7 billion reflecting higher average recreational finance and automobile loans, partially offset by a $5.2 billion and a $579 million decline in average commercial real estate loans and residential real estate loans, respectively.


			Third Quarter 2024 Results


Average Interest-bearing Liabilities

					Change 3Q24 vs.				Change 3Q24 vs.
(Dollars in millions)	3Q24		2Q24		2Q24		3Q23		3Q23
Interest-bearing deposits
Savings and interest-checking deposits	$	98,295	$	95,955	2	%	$	89,274	10	%
Time deposits	17,052		19,802		-14		19,528		-13
Total interest-bearing deposits	115,347		115,757		—		108,802		6
Short-term borrowings	4,034		4,962		-19		5,346		-25
Long-term borrowings	11,394		11,490		-1		7,240		57
Total interest-bearing liabilities	$	130,775	$	132,209	-1		$	121,388	8

Brokered savings and interest-checking deposits	$	8,831	$	8,193	8	%	$	4,554	94	%
Brokered time deposits	2,114		3,826		-45		8,398		-75
Total brokered deposits	$	10,945	$	12,019	-9		$	12,952	-15

Average interest-bearing liabilities decreased $1.4 billion, or 1%, from the second quarter of 2024.

•Average borrowings decreased $1.0 billion predominantly due to lower average short-term borrowings from the FHLB of New York in the recent quarter.

•Average interest-bearing deposits decreased $410 million, reflective of a $1.1 billion decrease in average brokered deposits, partially offset by a $664 million increase in average non-brokered deposits.

Average interest-bearing liabilities increased $9.4 billion, or 8%, from the third quarter of 2023.

•Average interest-bearing deposits rose $6.5 billion reflecting an $8.5 billion increase in average non-brokered deposits as customers shifted funds into interest-bearing products amidst the rate environment, partially offset by a $2.0 billion decrease in average brokered deposits.

•Average borrowings increased $2.8 billion reflecting the issuances of senior notes and other long-term debt from the third quarter of 2023 through the third quarter of 2024, partially offset by lower average short-term borrowings.


			Third Quarter 2024 Results


Provision for Credit Losses/Asset Quality

							Change 3Q24 vs.					Change 3Q24 vs.
(Dollars in millions)	3Q24			2Q24			2Q24		3Q23			3Q23
At end of quarter
Nonaccrual loans	$	1,926		$	2,024		-5	%	$	2,342		-18	%
Real estate and other foreclosed assets	37			33			14		37			—
Total nonperforming assets	1,963			2,057			-5		2,379			-17
Accruing loans past due 90 days or more (1)	288			233			24		354			-19
Nonaccrual loans as % of loans outstanding	1.42		%	1.50		%			1.77		%

Allowance for credit losses	$	2,204		$	2,204		—		$	2,052		7
Allowance for credit losses as % of loans outstanding	1.62		%	1.63		%			1.55		%

For the period
Provision for credit losses	$	120		$	150		-20		$	150		-20
Net charge-offs	120			137			-12		96			24
Net charge-offs as % of average loans (annualized)	.35		%	.41		%			.29		%

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

M&T recorded a provision for credit losses of $120 million in the third quarter of 2024 and $150 million in each of 2024's second quarter and 2023's third quarter. The lower provision for credit losses in the most recent quarter as compared with the second quarter of 2024 reflects a decline in commercial real estate and commercial and industrial criticized loans, partially offset by growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. Net charge-offs totaled $120 million in 2024's third quarter as compared with $137 million in 2024's second quarter and $96 million in the year-earlier quarter.

Nonaccrual loans were $1.9 billion at September 30, 2024, $98 million lower than at June 30, 2024 and $416 million lower than at September 30, 2023. The lower level of nonaccrual loans at the recent quarter end as compared with June 30, 2024 and September 30, 2023 was predominantly attributable to a decrease in commercial real estate nonaccrual loans.


			Third Quarter 2024 Results


Noninterest Income

					Change 3Q24 vs.				Change 3Q24 vs.
(Dollars in millions)	3Q24		2Q24		2Q24		3Q23		3Q23
Mortgage banking revenues	$	109	$	106	3	%	$	105	4	%
Service charges on deposit accounts	132		127		3		121		9
Trust income	170		170		—		155		9
Brokerage services income	32		30		2		27		16
Trading account and other non-hedging derivative gains	13		7		109		9		46
Gain (loss) on bank investment securities	(2)		(8)		—		—		—
Other revenues from operations	152		152		—		143		7
Total	$	606	$	584	4		$	560	8

Noninterest income in the third quarter of 2024 increased $22 million, or 4%, from 2024's second quarter.

•Service charges on deposit accounts increased $5 million reflecting a rise in consumer and commercial service charges.

•Trading account and other non-hedging derivative gains increased $6 million reflecting an increase in the market value of supplemental executive retirement plan assets from favorable market conditions and increased activity related to interest rate swap agreements with commercial customers.

•The lower loss on bank investment securities of $6 million in the third quarter of 2024 as compared with the second quarter of 2024 reflected realized losses on sales of certain non-agency investment securities during the second quarter of 2024.

Noninterest income rose $46 million, or 8%, as compared with the year-earlier third quarter.

•Service charges on deposit accounts increased $11 million reflecting higher commercial service charges from pricing changes and increased customer usage of sweep products and a rise in consumer service charges.

•Trust income increased $15 million predominantly due to higher sales and fees from the Company's global capital markets business and improved market performance in the wealth management business.

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

•Other revenues from operations rose $9 million reflecting higher letter of credit and other credit-related fees.


			Third Quarter 2024 Results


Noninterest Expense

					Change 3Q24 vs.				Change 3Q24 vs.
(Dollars in millions)	3Q24		2Q24		2Q24		3Q23		3Q23
Salaries and employee benefits	$	775	$	764	1	%	$	727	7	%
Equipment and net occupancy	125		125		—		131		-5
Outside data processing and software	123		124		-1		111		11
Professional and other services	88		91		-4		89		-2
FDIC assessments	25		37		-32		29		-14
Advertising and marketing	27		27		—		23		18
Amortization of core deposit and other intangible assets	12		13		—		15		-15
Other costs of operations	128		116		10		153		-16
Total	$	1,303	$	1,297	—		$	1,278	2

Noninterest expense rose $6 million from the second quarter of 2024.

•Salaries and employee benefits expense increased $11 million predominantly reflecting the impact of one additional working day in the recent quarter.

•FDIC assessments decreased $12 million reflecting estimated special assessment expense of $5 million recorded in the second quarter of 2024, related to the FDIC's updated loss estimates associated with certain failed banks.

•Other costs of operations increased $12 million predominantly due to the Company's obligation under various agreements to share in losses stemming from certain litigation of Visa, Inc.

Noninterest expense increased $25 million, or 2%, from the third quarter of 2023.

•Salaries and employee benefits expense increased $48 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower employee staffing levels.

•Outside data processing and software rose $12 million due to higher software licensing fees and software maintenance expenses.

•Other costs of operations decreased $25 million as a result of lower losses associated with certain retail banking activities.


			Third Quarter 2024 Results


Income Taxes

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


Capital

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

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

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $226 million and $47 million, respectively, for the quarter ended September 30, 2024. On August 15, 2024, M&T redeemed all outstanding shares of its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series E) at a redemption price of $350 million. The Company issued $750 million par value of Perpetual 7.5% Non-Cumulative Preferred Stock (Series J) in May 2024. In June 2024, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, on October 1, 2024, M&T's stress capital buffer of 3.8% became effective.

The CET1 capital ratio for M&T was estimated at 11.54% as of September 30, 2024. M&T's total risk-weighted assets at September 30, 2024 are estimated to be $156 billion.

M&T repurchased 1,190,054 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $166.40 resulting in a total cost, including the share repurchase excise tax, of $200 million. No share repurchases occurred in the second quarter of 2024 or third quarter of 2023.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ324. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Thursday October 24, 2024 by calling (800) 757-4764, or (402) 220-7226 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.


About M&T

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


			Third Quarter 2024 Results


Forward-Looking Statements

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

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

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

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

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

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


			Third Quarter 2024 Results

Financial Highlights


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

Performance
Net income	$	721		$	690		5	%	$	1,907		$	2,259		-16	%
Net income available to common shareholders	674			664			2		1,805			2,180			-17
Per common share:
Basic earnings	4.04			4.00			1		10.83			13.09			-17
Diluted earnings	4.02			3.98			1		10.78			13.05			-17
Cash dividends	1.35			1.30			4		4.00			3.90			3
Common shares outstanding:
Average - diluted (1)	167,567			166,570			1		167,437			167,093			—
Period end (2)	166,157			165,970			—		166,157			165,970			—
Return on (annualized):
Average total assets	1.37		%	1.33		%			1.21		%	1.48		%
Average common shareholders' equity	10.26			10.99					9.47			12.33
Taxable-equivalent net interest income	$	1,739		$	1,790		-3		$	5,162		$	5,434		-5
Yield on average earning assets	5.82		%	5.62		%			5.79		%	5.41		%
Cost of interest-bearing liabilities	3.22			2.83					3.24			2.39
Net interest spread	2.60			2.79					2.55			3.02
Contribution of interest-free funds	1.02			1.00					1.03			.89
Net interest margin	3.62			3.79					3.58			3.91
Net charge-offs to average total net loans (annualized)	.35			.29					.39			.30
Net operating results (3)
Net operating income	$	731		$	702		4		$	1,939		$	2,295		-16
Diluted net operating earnings per common share	4.08			4.05			1		10.97			13.26			-17
Return on (annualized):
Average tangible assets	1.45		%	1.41		%			1.28		%	1.57		%
Average tangible common equity	15.47			17.41					14.51			19.70
Efficiency ratio	55.0			53.7					57.0			52.6

	At September 30,
Loan quality	2024			2023			Change
Nonaccrual loans	$	1,926		$	2,342		-18	%
Real estate and other foreclosed assets	37			37			—
Total nonperforming assets	$	1,963		$	2,379		-17
Accruing loans past due 90 days or more (4)	$	288		$	354		-19
Government guaranteed loans included in totals above:
Nonaccrual loans	$	69		$	40		73
Accruing loans past due 90 days or more	269			269			—
Nonaccrual loans to total loans	1.42		%	1.77		%
Allowance for credit losses to total loans	1.62			1.55
Additional information
Period end common stock price	$	178.12		$	126.45		41
Domestic banking offices	957			967			-1
Full time equivalent employees	21,986			22,424			-2

(1) Includes common stock equivalents.

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

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

(4) Predominantly residential real estate loans.


			Third Quarter 2024 Results

Financial Highlights, Five Quarter Trend


	Three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in millions, except per share, shares in thousands)	2024			2024			2024			2023			2023
Performance
Net income	$	721		$	655		$	531		$	482		$	690
Net income available to common shareholders	674			626			505			457			664
Per common share:
Basic earnings	4.04			3.75			3.04			2.75			4.00
Diluted earnings	4.02			3.73			3.02			2.74			3.98
Cash dividends	1.35			1.35			1.30			1.30			1.30
Common shares outstanding:
Average - diluted (1)	167,567			167,659			167,084			166,731			166,570
Period end (2)	166,157			167,225			166,724			166,149			165,970
Return on (annualized):
Average total assets	1.37		%	1.24		%	1.01		%	.92		%	1.33		%
Average common shareholders' equity	10.26			9.95			8.14			7.41			10.99
Taxable-equivalent net interest income	$	1,739		$	1,731		$	1,692		$	1,735		$	1,790
Yield on average earning assets	5.82		%	5.82		%	5.74		%	5.73		%	5.62		%
Cost of interest-bearing liabilities	3.22			3.26			3.26			3.17			2.83
Net interest spread	2.60			2.56			2.48			2.56			2.79
Contribution of interest-free funds	1.02			1.03			1.04			1.05			1.00
Net interest margin	3.62			3.59			3.52			3.61			3.79
Net charge-offs to average total net loans (annualized)	.35			.41			.42			.44			.29
Net operating results (3)
Net operating income	$	731		$	665		$	543		$	494		$	702
Diluted net operating earnings per common share	4.08			3.79			3.09			2.81			4.05
Return on (annualized):
Average tangible assets	1.45		%	1.31		%	1.08		%	.98		%	1.41		%
Average tangible common equity	15.47			15.27			12.67			11.70			17.41
Efficiency ratio	55.0			55.3			60.8			62.1			53.7

	September 30,			June 30,			March 31,			December 31,			September 30,
Loan quality	2024			2024			2024			2023			2023
Nonaccrual loans	$	1,926		$	2,024		$	2,302		$	2,166		$	2,342
Real estate and other foreclosed assets	37			33			38			39			37
Total nonperforming assets	$	1,963		$	2,057		$	2,340		$	2,205		$	2,379
Accruing loans past due 90 days or more (4)	$	288		$	233		$	297		$	339		$	354
Government guaranteed loans included in totals above:
Nonaccrual loans	$	69		$	64		$	62		$	53		$	40
Accruing loans past due 90 days or more	269			215			244			298			269
Nonaccrual loans to total loans	1.42		%	1.50		%	1.71		%	1.62		%	1.77		%
Allowance for credit losses to total loans	1.62			1.63			1.62			1.59			1.55
Additional information
Period end common stock price	$	178.12		$	151.36		$	145.44		$	137.08		$	126.45
Domestic banking offices	957			957			958			961			967
Full time equivalent employees	21,986			22,110			21,927			21,980			22,424

(1) Includes common stock equivalents.

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

(4) Predominantly residential real estate loans.


			Third Quarter 2024 Results

Condensed Consolidated Statement of Income


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


			Third Quarter 2024 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


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


			Third Quarter 2024 Results

Condensed Consolidated Balance Sheet


	September 30,
(Dollars in millions)	2024		2023		Change
ASSETS
Cash and due from banks	$	2,216	$	1,769	25	%
Interest-bearing deposits at banks	24,417		30,114		-19

Trading account	102		137		-25
Investment securities	32,327		27,336		18
Loans and leases, net of unearned discount:
Commercial and industrial	61,012		54,891		11
Real estate - commercial	28,683		33,741		-15
Real estate - consumer	23,019		23,448		-2
Consumer	23,206		20,275		14
Total loans and leases, net	135,920		132,355		3
Less: allowance for credit losses	2,204		2,052		7
Net loans and leases	133,716		130,303		3
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	107		162		-34
Other assets	10,435		10,838		-4
Total assets	$	211,785	$	209,124	1	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	47,344	$	53,787	-12	%
Interest-bearing deposits	117,210		110,341		6

Total deposits	164,554		164,128		—
Short-term borrowings	2,605		6,731		-61
Accrued interest and other liabilities	4,167		4,946		-16
Long-term borrowings	11,583		7,123		63
Total liabilities	182,909		182,928		—
Shareholders' equity:
Preferred	2,394		2,011		19
Common	26,482		24,185		9
Total shareholders' equity	28,876		26,196		10
Total liabilities and shareholders' equity	$	211,785	$	209,124	1	%


			Third Quarter 2024 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)	2024		2024		2024		2023		2023
ASSETS
Cash and due from banks	$	2,216	$	1,778	$	1,695	$	1,731	$	1,769
Interest-bearing deposits at banks	24,417		24,792		32,144		28,069		30,114

Trading account	102		99		99		106		137
Investment securities	32,327		29,894		28,496		26,897		27,336
Loans and leases, net of unearned discount:
Commercial and industrial	61,012		60,027		57,897		57,010		54,891
Real estate - commercial	28,683		29,532		32,416		33,003		33,741
Real estate - consumer	23,019		23,003		23,076		23,264		23,448
Consumer	23,206		22,440		21,584		20,791		20,275
Total loans and leases, net	135,920		135,002		134,973		134,068		132,355
Less: allowance for credit losses	2,204		2,204		2,191		2,129		2,052
Net loans and leases	133,716		132,798		132,782		131,939		130,303
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	107		119		132		147		162
Other assets	10,435		10,910		11,324		10,910		10,838
Total assets	$	211,785	$	208,855	$	215,137	$	208,264	$	209,124

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	47,344	$	47,729	$	50,578	$	49,294	$	53,787
Interest-bearing deposits	117,210		112,181		116,618		113,980		110,341

Total deposits	164,554		159,910		167,196		163,274		164,128
Short-term borrowings	2,605		4,764		4,795		5,316		6,731
Accrued interest and other liabilities	4,167		4,438		4,527		4,516		4,946
Long-term borrowings	11,583		11,319		11,450		8,201		7,123
Total liabilities	182,909		180,431		187,968		181,307		182,928
Shareholders' equity:
Preferred	2,394		2,744		2,011		2,011		2,011
Common	26,482		25,680		25,158		24,946		24,185
Total shareholders' equity	28,876		28,424		27,169		26,957		26,196
Total liabilities and shareholders' equity	$	211,785	$	208,855	$	215,137	$	208,264	$	209,124


			Third Quarter 2024 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three months ended												Change in balance				Nine months ended
	September 30,				June 30,				September 30,				September 30, 2024 from				September 30,								Change
(Dollars in millions)	2024				2024				2023				June 30,		September 30,		2024				2023				in
	Balance		Rate		Balance		Rate		Balance		Rate		2024		2023		Balance		Rate		Balance		Rate		balance
ASSETS
Interest-bearing deposits at banks	$	25,491	5.43	%	$	29,294	5.50	%	$	26,657	5.40	%	-13	%	-4	%	$	28,467	5.48	%	$	24,871	5.07	%	14	%

Trading account	101		3.40		99		3.47		136		4.05		2		-26		102		3.43		136		3.02		-25
Investment securities	31,023		3.70		29,695		3.61		27,993		3.14		4		11		29,773		3.54		28,081		3.08		6
Loans and leases, net of unearned discount:
Commercial and industrial	59,779		7.01		58,152		7.04		54,567		6.86		3		10		58,256		7.01		53,877		6.60		8
Real estate - commercial	29,075		6.27		31,458		6.38		34,288		6.50		-8		-15		31,069		6.34		34,823		6.26		-11
Real estate - consumer	22,994		4.41		23,006		4.32		23,573		4.14		—		-2		23,045		4.33		23,707		4.06		-3
Consumer	22,903		6.72		21,972		6.61		20,189		6.16		4		13		22,009		6.63		20,320		5.90		8
Total loans and leases, net	134,751		6.38		134,588		6.38		132,617		6.19		—		2		134,379		6.36		132,727		5.98		1
Total earning assets	191,366		5.82		193,676		5.82		187,403		5.62		-1		2		192,721		5.79		185,815		5.41		4
Goodwill	8,465				8,465				8,465				—		—		8,465				8,476				—
Core deposit and other intangible assets	113				126				170				-10		-33		126				185				-32
Other assets	9,637				9,714				9,753				-1		-1		9,696				9,790				-1
Total assets	$	209,581			$	211,981			$	205,791			-1	%	2	%	$	211,008			$	204,266			3	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	98,295	2.65	%	$	95,955	2.59	%	$	89,274	2.20	%	2	%	10	%	$	96,379	2.62	%	$	88,184	1.73	%	9	%
Time deposits	17,052		4.19		19,802		4.41		19,528		4.09		-14		-13		19,138		4.34		15,751		3.74		22
Total interest-bearing deposits	115,347		2.88		115,757		2.90		108,802		2.54		—		6		115,517		2.90		103,935		2.03		11
Short-term borrowings	4,034		5.60		4,962		5.62		5,346		5.16		-19		-25		5,071		5.53		5,961		5.01		-15
Long-term borrowings	11,394		5.83		11,490		5.83		7,240		5.52		-1		57		10,887		5.82		7,092		5.42		54
Total interest-bearing liabilities	130,775		3.22		132,209		3.26		121,388		2.83		-1		8		131,475		3.24		116,988		2.39		12
Noninterest-bearing deposits	46,158				47,734				53,886				-3		-14		47,498				57,277				-17
Other liabilities	3,923				4,293				4,497				-9		-13		4,202				4,305				-2
Total liabilities	180,856				184,236				179,771				-2		1		183,175				178,570				3
Shareholders' equity	28,725				27,745				26,020				4		10		27,833				25,696				8
Total liabilities and shareholders' equity	$	209,581			$	211,981			$	205,791			-1	%	2	%	$	211,008			$	204,266			3	%
Net interest spread			2.60				2.56				2.79								2.55				3.02
Contribution of interest-free funds			1.02				1.03				1.00								1.03				0.89
Net interest margin			3.62	%			3.59	%			3.79	%							3.58	%			3.91	%


			Third Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures


	Three months ended						Nine months ended
	September 30,						September 30,
	2024			2023			2024			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	721		$	690		$	1,907		$	2,259
Amortization of core deposit and other intangible assets (1)	10			12			32			36

Net operating income	$	731		$	702		$	1,939		$	2,295
Earnings per common share
Diluted earnings per common share	$	4.02		$	3.98		$	10.78		$	13.05
Amortization of core deposit and other intangible assets (1)	.06			.07			.19			.21

Diluted net operating earnings per common share	$	4.08		$	4.05		$	10.97		$	13.26
Other expense
Other expense	$	1,303		$	1,278		$	3,996		$	3,929
Amortization of core deposit and other intangible assets	(12)			(15)			(40)			(47)

Noninterest operating expense	$	1,291		$	1,263		$	3,956		$	3,882










Efficiency ratio
Noninterest operating expense (numerator)	$	1,291		$	1,263		$	3,956		$	3,882
Taxable-equivalent net interest income	$	1,739		$	1,790		$	5,162		$	5,434
Other income	606			560			1,770			1,950
Less: Gain (loss) on bank investment securities	(2)			—			(8)			—
Denominator	$	2,347		$	2,350		$	6,940		$	7,384
Efficiency ratio	55.0		%	53.7		%	57.0		%	52.6		%
Balance sheet data
Average assets
Average assets	$	209,581		$	205,791		$	211,008		$	204,266
Goodwill	(8,465)			(8,465)			(8,465)			(8,476)
Core deposit and other intangible assets	(113)			(170)			(126)			(185)
Deferred taxes	28			43			30			46
Average tangible assets	$	201,031		$	197,199		$	202,447		$	195,651
Average common equity
Average total equity	$	28,725		$	26,020		$	27,833		$	25,696
Preferred stock	(2,565)			(2,011)			(2,328)			(2,011)
Average common equity	26,160			24,009			25,505			23,685
Goodwill	(8,465)			(8,465)			(8,465)			(8,476)
Core deposit and other intangible assets	(113)			(170)			(126)			(185)
Deferred taxes	28			43			30			46
Average tangible common equity	$	17,610		$	15,417		$	16,944		$	15,070
At end of quarter
Total assets
Total assets	$	211,785		$	209,124
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(107)			(162)
Deferred taxes	30			41
Total tangible assets	$	203,243		$	200,538
Total common equity
Total equity	$	28,876		$	26,197
Preferred stock	(2,394)			(2,011)

Common equity	26,482			24,186
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(107)			(162)
Deferred taxes	30			41
Total tangible common equity	$	17,940		$	15,600

(1) After any related tax effect.


			Third Quarter 2024 Results

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


	Three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	721		$	655		$	531		$	482		$	690
Amortization of core deposit and other intangible assets (1)	10			10			12			12			12

Net operating income	$	731		$	665		$	543		$	494		$	702
Earnings per common share
Diluted earnings per common share	$	4.02		$	3.73		$	3.02		$	2.74		$	3.98
Amortization of core deposit and other intangible assets (1)	.06			.06			.07			.07			.07

Diluted net operating earnings per common share	$	4.08		$	3.79		$	3.09		$	2.81		$	4.05
Other expense
Other expense	$	1,303		$	1,297		$	1,396		$	1,450		$	1,278
Amortization of core deposit and other intangible assets	(12)			(13)			(15)			(15)			(15)

Noninterest operating expense	$	1,291		$	1,284		$	1,381		$	1,435		$	1,263










Efficiency ratio
Noninterest operating expense (numerator)	$	1,291		$	1,284		$	1,381		$	1,435		$	1,263
Taxable-equivalent net interest income	$	1,739		$	1,731		$	1,692		$	1,735		$	1,790
Other income	606			584			580			578			560
Less: Gain (loss) on bank investment securities	(2)			(8)			2			4			—
Denominator	$	2,347		$	2,323		$	2,270		$	2,309		$	2,350
Efficiency ratio	55.0		%	55.3		%	60.8		%	62.1		%	53.7		%
Balance sheet data
Average assets
Average assets	$	209,581		$	211,981		$	211,478		$	208,752		$	205,791
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(113)			(126)			(140)			(154)			(170)
Deferred taxes	28			30			33			39			43
Average tangible assets	$	201,031		$	203,420		$	202,906		$	200,172		$	197,199
Average common equity
Average total equity	$	28,725		$	27,745		$	27,019		$	26,500		$	26,020
Preferred stock	(2,565)			(2,405)			(2,011)			(2,011)			(2,011)
Average common equity	26,160			25,340			25,008			24,489			24,009
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(113)			(126)			(140)			(154)			(170)
Deferred taxes	28			30			33			39			43
Average tangible common equity	$	17,610		$	16,779		$	16,436		$	15,909		$	15,417
At end of quarter
Total assets
Total assets	$	211,785		$	208,855		$	215,137		$	208,264		$	209,124
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(107)			(119)			(132)			(147)			(162)
Deferred taxes	30			31			34			37			41
Total tangible assets	$	203,243		$	200,302		$	206,574		$	199,689		$	200,538
Total common equity
Total equity	$	28,876		$	28,424		$	27,169		$	26,957		$	26,197
Preferred stock	(2,394)			(2,744)			(2,011)			(2,011)			(2,011)

Common equity	26,482			25,680			25,158			24,946			24,186
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(107)			(119)			(132)			(147)			(162)
Deferred taxes	30			31			34			37			41
Total tangible common equity	$	17,940		$	17,127		$	16,595		$	16,371		$	15,600

(1) After any related tax effect.

earningspresentation_3q2

Earnings Results 3rd Quarter 2024 October 17, 2024 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T’s credit ratings; the impact of the People’s United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures

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

4 Making a positive impact on our communities, customers, and colleagues Note: All data except for SBA data and Board of Directors data are as of December 31, 2023. SBA data is for the period October 1, 2022 to September 30, 2023. Board of Directors data is as of September 30, 2024. The metrics and methodologies included in sustainable finance reporting are subject to change based on the best information available. We plan to continue to review and enhance our reporting capabilities in line with applicable legal and regulatory requirements and industry standards and practices. (1) Following the criteria for independence required by the New York Stock Exchange as well as M&T's Corporate Governance Standards. (2) Until M&T reaches carbon neutrality Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights • 412 people participated in specialized M&T learning and development programs, which have been running for four decades • 9.6 years average employee tenure • 40 average hours of training for M&T employees • 80 Employee Resource Group chapters with participation by 51% of managers and 35% of employees (non-managers) • 94% participation by M&T employees in M&T's 401(k) plan • Ranked #6 SBA Lender in the country (FY2023), the 16th consecutive year among the nation’s top 10 SBA Lenders • ~249,000 hours dedicated by M&T employees to volunteering in our communities • ~$54 million contributed by M&T and The M&T Charitable Foundation to supporting our communities • Highest possible CRA rating from Federal Reserve since 1982 • $691 million of financing to projects that include affordable housing • $2.5 billion of social sustainable finance loans and investments • 94% of Board members are independent (1) • More than 40% of M&T's Board of Directors team is diverse (25% of directors are women, 19% of directors are people of color) • 17-year average tenure for executive officers • $671 million made in environmental sustainable finance loans and investments • Reduced combined scope 1 and 2 emissions by 8.5% YoY • Updated goal: Offset 100% of electricity use with Renewable Energy by 2030 (2) • Updated goal: Carbon neutral by 2035 including Scope 1 and 2 (Market) GHG emissions, with interim reduction targets based on our 2023 baseline: – 20% reduction by 2027 – 45% reduction by 2030

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

6 Financial Results

7 • Diluted EPS increased +8% QoQ • Net Interest Margin widened +3 bps QoQ • Provision for Credit Losses declined -20% QoQ Notable items ($ in millions, except per share) 3Q24 2Q24 3Q23 Amt EPS Amt EPS Amt EPS Discrete Tax Benefit(1) $14 $0.08 $— $— $— $— FDIC Special Assessment(2) $— $— $5 $0.02 $— $— Third Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 3Q24 2Q24 3Q23 Revenues $2,332 $2,302 $2,335 Noninterest Expense $1,303 $1,297 $1,278 Provision for Credit Losses $120 $150 $150 Net Income $721 $655 $690 Diluted EPS $4.02 $3.73 $3.98 Return on Assets 1.37% 1.24% 1.33% Return on Common Equity 10.26% 9.95% 10.99% Net Interest Margin 3.62% 3.59% 3.79% Net Charge-offs % Avg Loans .35% .41% .29% Note: (1) In Q1 2024, a net discrete tax benefit of $17 million ($0.10 earnings per share) was recognized. (2) Amount before any related tax effect.

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Third Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 3Q24 2Q24 3Q23 Net Operating Income $731 $665 $702 Diluted Net Operating EPS $4.08 $3.79 $4.05 Efficiency Ratio 55.0% 55.3% 53.7% Net Operating ROTA 1.45% 1.31% 1.41% Net Operating ROTCE 15.47% 15.27% 17.41% Tangible Book Value per Share (2) $107.97 $102.42 $93.99 • Net Operating ROTA increased +14 bps QoQ • Net Operating ROTCE increased +20 bps QoQ • Tangible Book Value per Share increased +5% QoQ

9 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$8 million or +1% QoQ – Day count – Favorable impact from repricing in the investment securities and consumer loan portfolios – Earning assets remix – Lower nonaccrual interest – Run-off of brokered time deposits • Net interest margin rose +3 bps QoQ to 3.62% – Fixed rate earning assets repricing, mostly in the investment portfolio and consumer loans (+3 bps) – Earning assets mix shift (+3 bps) – Deposit and wholesale funding mix (+2 bps) – Lower nonaccrual interest (-4 bps) – All other items (-1 bp) Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. $ IN M IL LI O N S $1,790 $1,735 $1,692 $1,731 $1,739 3.79% 3.61% 3.52% 3.59% 3.62% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 3Q23 4Q23 1Q24 2Q24 3Q24

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

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

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

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

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

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

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

17 Criticized C&I and CRE Loans Criticized loans decreased -$1.2 billion QoQ : • C&I decreased -$315 million – Driven predominantly by motor vehicle and recreational finance dealers and manufacturing • CRE decreased -$831 million – Permanent CRE -$525 million – Construction -$306 million • 96% of criticized accrual loans are current • 57% of criticized nonaccrual loans are current Reserve Impact: • Criticized loans generally carry higher loss reserves • Reflecting strong collateral values, the reserve ratio for nonaccrual loans was ~22% $ IN B IL LI O N S $11.1 $12.6 $12.9 $12.1 $10.9 12.5% 14.0% 14.3% 13.5% 12.2% Criticized Criticized % of C&I and CRE Loans 3Q23 4Q23 1Q24 2Q24 3Q24

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

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

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

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

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

23 Appendix

24 M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 3Q23 4Q23 1Q24 2Q24 3Q24 Net income Net income $690 $482 $531 $655 $721 Amortization of core deposits and other intangible assets (1) 12 12 12 10 10 Net operating income $702 $494 $543 $665 $731 Earnings per common share Diluted earnings per common share $3.98 $2.74 $3.02 $3.73 $4.02 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.07 0.06 0.06 Diluted net operating earnings per common share $4.05 $2.81 $3.09 $3.79 $4.08

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

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

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