Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 237

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 237
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 and first quarters of 2024, respectively, reflecting higher commercial service charges that resulted from pricing changes and increased customer usage of sweep products.

Trust income

Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth.

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TRUST INCOME AND ASSETS UNDER MANAGEMENT

Three Months EndedChangeThree Months EndedChange(Dollars in millions)March 31,2025December 31,2024Amount%March 31,2025March 31,2024Amount%Trust incomeInstitutional Services$94 $93 $1 2 %$94 $81 $13 16 %Wealth Management82 82 — — 82 78 4 5 Commercial1 — 1 — 1 1 — 1 Total trust income$177 $175 $2 1 %$177 $160 $17 11 %

(Dollars in millions)March 31,2025December 31,2024March 31,2024Assets under management at period endTrust assets under management (excluding proprietary funds)$64,554 $65,798 $65,191 Proprietary mutual funds15,938 14,461 15,280 Total assets under management$80,492 $80,259 $80,471 

Trust income was $177 million in the recent quarter, up modestly from the fourth quarter of 2024 and $17 million higher than the first quarter of 2024. 

•Institutional Services trust income increased $13 million in the recent quarter as compared with the similar 2024 period reflecting higher sales and fund management fees from its global capital markets business.

•The higher level of trust income from the Wealth Management business in the first quarter of 2025 as compared with the first quarter of 2024 reflected improved market performance associated with managed