Company: MTB-PJ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0000036270-25-000024
Chunk: 225

Company: M&T BANK CORP
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 225
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 salaries and employee benefits expense and outside data processing and software costs, partially offset by lower FDIC assessments, which included $34 million of FDIC special assessment expense in the first nine months of 2024.

The Company's effective income tax rates were 22.8% and 23.4% for the third and second quarters of 2025, respectively, and 23.1% and 21.5% for the nine months ended September 30, 2025 and 2024, respectively. Income tax expense for the first nine months of 2024 reflected $31 million of net discrete tax benefits.

Under approved capital plans and programs authorized by the Board of Directors, M&T repurchased 2.1 million shares of its common stock during the recent quarter at a total cost of $409 million, compared with 6.1 million shares at a total cost of $1.1 billion in the second quarter of 2025. During the first nine months of 2025, M&T repurchased 11.6 million shares of its common stock at a total cost of $2.2 billion, compared with 1.2 million shares at a total cost of $200 million during the first nine months of 2024.

Supplemental Reporting of Non-GAAP Results of Operations

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 intangible 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 the Company, 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.

SUPPLEMENTAL REPORTING OF NON-GAAP RESULTS OF OPERATIONS

Three Months EndedChangeNine Months EndedChange(Dollars in millions, except per share)September 30,2025June 30,2025Amount%September 30,2025September 30,2024Amount%Net operating income$798 $724 $74 10 %$2,116 $1,939 $177 9 %Diluted net operating earnings per share4.87 4