Company: MTB-PJ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0000036270-25-000024
Chunk: 44

Company: M&T BANK CORP
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 tax credit investments for which the proportional amortization method had previously been applied. Information on the Company's carrying amount of its investments in tax equity partnerships and its related future funding commitments are presented in the following table:(Dollars in millions)September 30, 2025December 31, 2024Affordable housing projects:Carrying amount (a)$1,598 $1,384 Amount of future funding commitments included in carrying amount (b)658 467 Contingent commitments88 69 Renewable energy:Carrying amount (a)115 135 Amount of future funding commitments included in carrying amount (b)65 46 Other:Carrying amount (a)34 37 Amount of future funding commitments included in carrying amount— — __________________________________________________________________________________(a)Included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.(b)Included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.The reduction to income tax expense recognized from the Company's investments in partnerships accounted for using the proportional amortization method was $9 million (net of $49 million of investment amortization) and $10 million (net of $47 million of investment amortization) for the three months ended September 30, 2025 and 2024, respectively, and $29 million (net of $138 million of investment amortization) and $25 million (net of $135 million of investment amortization) for the nine months ended September 30, 2025 and 2024, respectively. The net reduction to income tax expense has been reported in Net change in other accrued income and expense in the Company's Consolidated Statement of Cash Flows. While the Company has elected to apply the proportional amortization method for renewable energy credit investments, at September 30, 2025 no such investments met the eligibility criteria for application of that method. The reduction to income tax expense recognized from renewable energy credit investments was $1 million and $13 million for the three-month and nine-month periods ended September 30, 2025, respectively, and $8 million and $28 million for the three-month and nine-month periods ended September 30, 2024, respectively. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The