Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 168

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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 December 31, 2023 to March 31, 2024.

•Noninterest income increased $31 million reflecting higher mortgage banking revenues, service charges on deposit accounts and trust income, partially offset by lower other revenues from operations.

•Noninterest expense rose $19 million from 2024's initial quarter reflecting higher levels of salaries and employee benefits expense and outside data processing and software costs, partially offset by a $29 million FDIC special assessment expense in the first quarter of 2024.

The Company's effective income tax rates were 23.2%, 22.8% and 20.0% for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The first quarter of 2024 income tax expense reflected a $17 million net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United.

Under approved capital plans and programs authorized by the Board of Directors, M&T repurchased 3,415,303 shares of its common stock during the recent quarter at an average cost per share of $192.06 resulting in a total cost, including the share repurchase excise tax, of $662 million, compared with 957,988 shares at an average price of $206.70 resulting in a total cost, including the share repurchase excise tax, of $200 million in the fourth quarter of 2024. No share repurchases occurred in the first quarter of 2024. On January 22, 2025, M&T's Board of Directors authorized a program under which $4.0 billion of common shares may be repurchased. That authorization replaced and terminated the previous authorized share repurchase program effective as of the same date.  

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Supplemental Reporting of Non-GAAP Results of Operations

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into the Company, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information