Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 165

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 165
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 addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $971 million at March 31, 2025 and $1.0 billion at December 31, 2024. Revenues from those servicing rights were $1 million in each of the three-month periods ended March 31, 2025 and 2024. The Company sub-services residential mortgage loans 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