Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 201

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 201
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 expense are presented in the accompanying table.

OTHER EXPENSE

Three Months EndedChangeThree Months EndedChange(Dollars in millions)March 31,2025December 31,2024Amount%March 31,2025March 31,2024Amount%Salaries and employee benefits$887 $790 $97 12 %$887 $833 $54 7 %Equipment and net occupancy132 133 (1)-1 132 129 3 3 Outside data processing and software136 125 11 10 136 120 16 14 Professional and other services84 80 4 3 84 85 (1)-3 FDIC assessments23 24 (1)-2 23 60 (37)-61 Advertising and marketing22 30 (8)-27 22 20 2 9 Amortization of core deposit and other    intangible assets13 13 — 3 13 15 (2)-12 Other costs of operations118 168 (50)-30 118 134 (16)-12 Total other expense$1,415 $1,363 $52 4 %$1,415 $1,396 $19 1 %

Salaries and employee benefits

The number of full-time equivalent employees was 22,291 at March 31, 2025, compared with 22,101 at December 31, 2024 and 21,927 at March 31, 2024, whereas the average number of full-time equivalent employees was 22,235 in the recent quarter, compared with 22,067 in the fourth quarter of 2024 and 22,016 in the first quarter of 2024. Included in the first quarters of 2025 and 2024 was $110 million and $99 million, respectively, of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense.

Salaries and employee benefits expense increased $97 million in the recent quarter as compared with the fourth quarter of 2024 reflecting the aforementioned seasonal costs, the impact of annual merit increases and higher average staffing levels, partially offset by two less working days in the recent quarter.

Salaries and employee benefits expense increased $54 million in the three months ended March 31, 2025 as compared with the year-earlier period reflecting higher salaries expense from annual merit and other