Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 200

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 200
---
11 %Merchant discount and credit card fees39 44 (5)-10 39 40 (1)— Bank owned life insurance revenue (a)18 18 — 4 18 16 2 12 Equipment operating lease income11 11 — -5 11 11 — 2 BLG income (b)— 23 (23)-100 — 25 (25)-100 Other25 26 (1)— 25 16 9 50 Total other revenues from operations$142 $176 $(34)-19 %$142 $152 $(10)-6 %__________________________________________________________________________________

(a)Tax-exempt income earned from bank owned life insurance includes increases in the cash surrender value of life insurance policies and benefits received. The Company owns both general account and separate account life insurance policies. To the extent market conditions change such that the market value of assets in a separate account bank owned life insurance policy becomes less than the previously recorded cash surrender value, an adjustment is recorded as a reduction to other revenues from operations.

(b)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions when declared by BLG that result in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to BLG’s owners, including M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 15 of Notes to Financial Statements.

Other revenues from operations declined $34 million in the first quarter of 2025 as compared with the fourth quarter of 2024 reflecting a $23 million distribution from M&T's investment in BLG in the fourth quarter of 2024 and lower loan syndication fees and merchant discount and credit card fees in the recent quarter.

- 61 -

Other revenues from operations in the first three months of 2025 declined $10 million as compared with the first three months of 2024 reflecting a $25 million distribution from M&T's investment in BLG in the first quarter of 2024, partially offset by higher letter of credit and other credit-related fees in the recent quarter.

Other Expense

The components of other