Company: MTB-PJ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0000036270-25-000024
Chunk: 221

Company: M&T BANK CORP
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 8
Chunk 221
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 employees at period end22,38322,59022,10121,986

Salaries and employee benefits expense increased $20 million in the recent quarter as compared with the second quarter of 2025 reflecting higher severance-related expense.

Salaries and employee benefits expense increased $161 million in the nine months ended September 30, 2025 as compared with the year-earlier period reflecting higher salaries expense from annual merit and other increases, a rise in staffing levels and an increase in incentive compensation. Also contributing to the increase was higher employee benefits expense, reflecting a rise in medical benefits expenses and an increase in severance-related expense.

Nonpersonnel expenses

Nonpersonnel expenses aggregated $530 million in the recent quarter, up from $523 million in the second quarter of 2025 reflecting higher expense associated with the Company's supplemental executive retirement savings plan due to market performance and an impairment of a renewable energy tax credit investment. Those unfavorable factors were partially offset by a decline in FDIC assessment expense reflecting a decrease in the FDIC's loss estimate associated with certain failed banks.

Nonpersonnel expenses decreased $43 million to $1.58 billion in the nine months ended September 30, 2025 as compared with $1.62 billion in the first nine months of 2024 reflecting lower FDIC assessment expense of $64 million, resulting from a reduction of special assessment expense and improved credit quality in the first nine months of 2025, and lower professional and other services expense. Those favorable factors were partially offset by a $45 million increase in outside data processing and software costs reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

Income Taxes

The provision for income taxes was $233 million in the third quarter of 2025, compared with $219 million in the second quarter of 2025. For the nine-month periods ended September 30, 2025 and 2024, the provision for income taxes was $629 million and $521 million, respectively. The Company's effective tax rates were 22.8% and 23.4% for the quarters ended September 30, 2025 and June 30, 2025, respectively, and 23.1% and 21.5% for the nine-month periods ended September 30, 2025 and 2024, respectively. The income tax expense for the nine months ended 

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September 30, 2024 reflects a $17 million net discrete tax