Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 92

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 92
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 core deposit and other intangible assets          |     |            |   | (8,585 | ) |     |            |   | (8,650 | ) |     |            |   | (7,716 | ) |
| Deferred taxes                                              |     |            |   |     33 |   |     |            |   |     44 |   |     |            |   |     43 |   |
| Average tangible common equity                              |     |            | $ | 17,156 |   |     |            | $ | 15,282 |   |     |            | $ | 14,191 |   |
| Net operating return on average tangible common equity      |     |            |   |  14.54 | % |     |            |   |  17.60 | % |     |            |   |  16.70 | % |

| (a) | After any related tax effect |

The company’s three-year average ROTCE of 16.28% for payout of the 2022 PVSU grant was calculated by taking the average ROTCE for each of the three years in the performance period. ROTCE Description.ROTCE is computed by dividing net operating income available to common equity by average tangible common equity. Net operating income available to common equity is computed by taking net income available to common equity and adding back the after-taxeffect of the amortization of core deposit and other intangible assets, adding back the after-taxeffects of merger-related expenses, and subtracting the after- tax effects of merger-related gains. Average tangible common equity is computed by taking average common equity for the applicable period and subtracting average goodwill and average core deposit and other intangible assets (net of any related average deferred tax amounts).

| A-1 |

ROTA Description.As described in this proxy statement, in 2024, the C&HC Committee approved a design change for the PVSUs, which applied to grants in 2024 and 2025. This updated design maintains a three-year cliff vesting schedule, but now includes two metrics, ROTCE and Return on Tangible Assets (“ROTA”). ROTA is computed by dividing net operating income by average tangible assets. Net operating income is computed by taking net income and adding back the after-taxeffect of the amortization of core deposit and other intangible assets, adding back the after-taxeffects of merger-related expenses, and subtracting the after-taxeffects of merger-related gains. Average tangible