Company: MTB-PJ
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000036270-25-000011
Chunk: 102

Company: M&T BANK CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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December 31, 2024June 30, 2024Investment securities unrealized gains (losses), net (a)$61 $(153)$(179)Cash flow hedges unrealized gains (losses), net (b)63 (101)(246)Defined benefit plans adjustments, net (c)95 98 (118)Other, net(4)(8)(8)Total$215 $(164)$(551)Accumulated other comprehensive income (loss), net, per common share$1.37 $(0.99)$(3.29)__________________________________________________________________________________

(a)Refer to note 3 of Notes to Financial Statements.

(b)Refer to note 11 of Notes to Financial Statements.

(c)Refer to note 8 of Notes to Financial Statements.

Reflected in the carrying amount of available-for-sale investment securities at June 30, 2025 were pre-tax effect unrealized gains of $178 million on securities with an amortized cost of $16.9 billion and pre-tax effect unrealized losses of $96 million on securities with an amortized cost of $4.5 billion. Information concerning the Company’s fair valuations of investment securities is provided in notes 3 and 13 of Notes to Financial Statements. As also described in note 3 of Notes to Financial Statements, the Company does not expect any material credit-related losses with respect to its investment securities portfolio at June 30, 2025.

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. M&T repurchased 6,073,957 shares of its common stock in the recent quarter at an average cost per share of $175.93 resulting in a total cost, including the share repurchase excise tax, of $1.1 billion and 3,415,303 shares of its common stock at an average cost per share of $192.06 resulting in a total cost, including the share repurchase excise tax, of $662 million in the first quarter of 2025. No share repurchases occurred in the first half of 2024. Discretion as to the amount and timing of authorized share repurchases in a given period has been delegated, through the authorization of the Board of Directors, to management and can be influenced by capital and liquidity requirements, including funding of