Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 204

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 204
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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 income, partially offset by a modest improvement in provision for credit losses. The fourth quarter of 2024 results included a distribution from M&T's investment in BLG, net gains on the sale of bank investment securities and a pension-related distribution benefit, partially offset by losses resulting from the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs. The first quarter of 2024 results included $99 million of seasonal salaries and employee benefits expense and a $29 million FDIC special assessment expense. A summary of financial results for the Company is provided below:

SUMMARY OF FINANCIAL RESULTS

Three Months EndedChangeThree Months EndedChange(Dollars in millions, except per share)March 31,2025December 31,2024Amount%March 31,2025March 31,2024Amount%Net interest income$1,695 $1,728 $(33)-2 %$1,695 $1,680 $15 1 %Taxable-equivalent adjustment (a)12 12 — 3 12 12 — -5 Net interest income (taxable-equivalent basis) (a)1,707 1,740 (33)-2 1,707 1,692 15 1 Provision for credit losses130 140 (10)-7 130 200 (70)-35 Other income611 657 (46)-7 611 580 31 5 Other expense1,415 1,363 52 4 1,415 1,396 19 1 Net income584 681 (97)-14