Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 56

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 for Bayview Financial having outstanding principal balances of $161.0 billion and $111.5 billion at March 31, 2025 and December 31, 2024, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $40 million and $32 million for the three-month periods ended March 31, 2025 and 2024, respectively. The Company also held $36 million and $37 million of mortgage-backed securities in its held-to-maturity portfolio at March 31, 2025 and December 31, 2024, respectively, that were securitized by Bayview Financial. At March 31, 2025, the Company held $394 million of Bayview Financial's outstanding $2.6 billion syndicated commercial loan facility and also had a commercial loan to an entity affiliated with Bayview Financial with an outstanding balance of $306 million.  Bayview Financial also maintained $3.2 billion and $2.2 billion of deposit balances at the Company at March 31, 2025 and December 31, 2024, respectively, inclusive of deposits related to loan servicing relationships.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and other information included in this Quarterly Report on Form 10-Q as well as with M&T's 2024 Annual Report. Information regarding the Company's business, its supervision and regulation and potential risks and uncertainties that may affect the Company's business, financial condition, liquidity and results of operations are also included in the 2024 Annual Report.

Financial Overview

The Company's results of operations in the first quarter of 2025 as compared with the fourth quarter of 2024 reflect lower net interest income from two less calendar days in the recent quarter, seasonal salaries and employee benefits expense of $110 million and lower other income, partially offset by a modest improvement in provision for credit losses. The fourth quarter of 2024 results included a distribution from M&T's investment in BLG, net gains on the sale of bank investment securities and a pension-related distribution benefit, partially offset by losses resulting from the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs. The first quarter of 2024 results included $99 million of seasonal salaries and employee benefits expense and a $29 million FDIC special assessment expense. A summary of