Company: MTB-PJ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0000036270-25-000024
Chunk: 184

Company: M&T BANK CORP
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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 on the Company's internal funds transfer and pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated to $12 million and $13 million for the three-month periods ended September 30, 2025 and 2024, respectively, and $33 million and $38 million for the nine-month periods ended September 30, 2025 and 2024, respectively, and is eliminated in "All Other" total revenues.(b)Indirect expense represents centrally-allocated costs associated with data processing, risk management and other support services provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments.(c)Intersegment revenues and expenses were not material for the three-month and nine-month periods ended September 30, 2025 and 2024.

16. Relationship with BLG and Bayview FinancialM&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2025 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in Other revenues from operations in the Company's Consolidated Statement of Income. That income totaled $20 million in each of the three-month and nine-month periods ended September 30, 2025 and $25 million for the nine-month period ended September 30, 2024. There were no cash distributions received from BLG for the three-month period ended September 30, 2024.Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In 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 $907 million at September 30, 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 September 30, 2025 and 2024, and $3 million and $4 million in the nine-month periods ended September 30, 2025 and 2024, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $