Company: MTB-PJ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022036
Chunk: 91

Company: M&T BANK CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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 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.

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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 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