Company: MTB-PJ
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006267
Chunk: 126

Company: M&T BANK CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 126
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. Depending on market conditions, including demand by customers and other investors, and the cost of funds available from alternative sources, the Company may change the amount or composition of brokered deposits in the future. Table 11 summarizes average deposits in 2024 and percentage changes in the components of such deposits over the past two years.

Table 11

AVERAGE DEPOSITS

Percentage Change From(Dollars in millions)20242023 to 20242022 to 2023Noninterest-bearing deposits$47,260 -15 %-19 %Savings and interest-checking deposits89,136 5 5 Time deposits of $250,000 or less11,795 46 110 Total core deposits148,191 — -4 Time deposits greater than $250,0003,332 46 199 Brokered deposits11,900 4 194 Total deposits$163,423 1 %2 %

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Deposits averaged $163.4 billion in 2024, a $1.3 billion increase from $162.1 billion in 2023.

•Average core deposits remained flat in 2024 as compared with 2023 reflecting a stable customer deposit base amidst an elevated interest rate environment and a shift in customer deposits from noninterest-bearing accounts to interest-bearing products, including time deposits.

•The increase in average brokered deposits in 2024 as compared with 2023 reflects the Company's liquidity management and funding strategies during a period of rising interest rates, partially offset by the maturity of some brokered time deposits in the recent year. Average brokered savings and interest-checking accounts were $8.7 billion in 2024, compared with $4.6 billion in 2023, and the rates paid on those deposits averaged 4.59% and 4.20%, respectively. Brokered time deposits averaged $3.2 billion in 2024, compared with $6.8 billion in 2023, and the rates paid on those deposits averaged 4.96% and 4.95%, respectively. The rate paid on total non-brokered interest-bearing deposits was 2.62% in 2024, compared with 1.98% in 2023. The increase in average rates paid on non-brokered interest-bearing deposits in the recent year reflected repricing of certain deposit products as customers sought higher yields in an elevated interest rate environment.

Table 12 summarizes the components of average total deposits by