Company: MTB-PJ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0000036270-25-000024
Chunk: 257

Company: M&T BANK CORP
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 257
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 and benefits received. The Company owns both general account and separate account life insurance policies. To the extent market conditions change such that the market value of assets in a separate account bank owned life insurance policy becomes less than the previously recorded cash surrender value, an adjustment is recorded as a reduction to other revenues from operations.

(b)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions when declared by BLG that result in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to BLG’s owners, including M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

Other revenues from operations increased $39 million in the third quarter of 2025 as compared with the second quarter of 2025 reflecting a distribution of an earnout payment of $28 million related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases each in the recent quarter, partially offset by gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million each in the second quarter of 2025.

In addition to the items noted in the previous paragraph, higher other revenues from operations in the first nine months of 2025 as compared with the first nine months of 2024 reflected increases in letter of credit and other credit-related fees, including higher loan syndication fees, and a rise in merchant discount and credit card interchange revenues.

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Other Expense

The components of other expense are presented in the accompanying table.

OTHER EXPENSE

Three Months EndedChangeNine Months EndedChange(Dollars in millions)September 30,2025June 30,2025Amount%September 30,2025September 30,2024Amount%Salaries and employee benefits$833 $813 $20 2 %$2,533 $2,372 $161 7 %Equipment and net occupancy129 130 (1)— 391 379 12 3 Outside data