Company: MTB-PJ
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000036270-25-000011
Chunk: 53

Company: M&T BANK CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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2024, respectively. Bayview Financial also maintained $3.5 billion and $2.2 billion of deposit balances at the Company at June 30, 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 second quarter of 2025 as compared with the first quarter of 2025 reflected higher taxable-equivalent net interest income and a rise in noninterest income, including favorable residential mortgage banking activities and gains on the sales of an out-of-footprint loan portfolio and a subsidiary that specialized in institutional services. The results of operations for each of the first quarters of 2025 and 2024 included seasonal salaries and employee benefits expense of $110 million and $99 million, respectively. The first six months of 2024 results included a $25 million distribution from M&T's investment in BLG and $34 million of FDIC special assessment expense. A summary of financial results for the Company is provided below:

SUMMARY OF FINANCIAL RESULTS

Three Months EndedChangeSix Months EndedChange(Dollars in millions, except per share)June 30,2025March 31,2025Amount%June 30,2025June 30,2024Amount%Net interest income$1,713 $1,695 $18 1 %$3,408 $3,398 $10 — %Taxable-equivalent adjustment (a)9 12 (3)-30 21 25 (4)-18 Net interest income (taxable-equivalent basis) (a)1,722 1,707 15 1 3,429 3,423 6 — Provision for credit losses125 130 (5)-4 255 350 (95)-27 Other income683 611 72 12 1,294 1,