Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 164

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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433 Indirect expense (b)123 124 279 244 81 75 (483)(443)— — Income (loss) before taxes315 277 465 601 162 172 (181)(386)761 664 Income tax expense (benefit)84 76 118 155 41 44 (66)(142)177 133 Net income (loss)$231 $201 $347 $446 $121 $128 $(115)$(244)$584 $531 Average total assets$79,362 $81,083 $54,381 $52,232 $4,102 $3,636 $70,476 $74,527 $208,321 $211,478 __________________________________________________________________________________(a)Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company's internal funds transfer and pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $12 million for each of the three-month periods ended March 31, 2025 and 2024 and is eliminated in "All Other" total revenues.(b)Indirect expense represents centrally-allocated costs associated with data processing, risk management and other support services provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments. (c)Intersegment revenues and expenses were not material for the three-month periods ended March 31, 2025 and 2024.

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15. Relationship with BLG and Bayview Financial

M&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at March 31, 2025 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in Other revenues from operations in the Consolidated Statement of Income. That income totaled $25 million for the three months ended March 31, 2024. No distributions were received from BLG for the three months ended March 31, 2025.Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In