Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 238

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 238
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 assets.

Gain (loss) on bank investment securities

The net gain on bank investment securities of $18 million in the fourth quarter of 2024 reflected realized gains on the sale of equity investments in Fannie Mae and Freddie Mac preferred securities, partially offset by net realized losses on the sale of certain non-agency investment securities.

Other revenues from operations

The components of other revenues from operations are presented in the accompanying table.

OTHER REVENUES FROM OPERATIONS

Three Months EndedChangeThree Months EndedChange(Dollars in millions)March 31,2025December 31,2024Amount%March 31,2025March 31,2024Amount%Letter of credit and other credit-related fees$49 $54 $(5)-10 %$49 $44 $5 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