# EDGAR Filing Document

**Accession Number:** 0000036270
**File Stem:** 0000950170-23-000895
**Filing Date:** 2023-1
**Character Count:** 67413
**Document Hash:** eb8feb55ee5fd729706295cfcc22ac91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-000895.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000950170-23-000895

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M&T BANK CORP
- **CENTRAL INDEX KEY:** 0000036270
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 160968385
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09861
- **FILM NUMBER:** 23536080

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CORPORATE REPORTING
- **STREET 2:** ONE M&T PLAZA 5TH FLOOR
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203
- **BUSINESS PHONE:** 7168425390

**MAIL ADDRESS:**
- **STREET 1:** C/O CORPORATE REPORTING
- **STREET 2:** ONE M&T PLAZA 5TH FLR
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EMPIRE STATE CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="ASCII"? 8-K

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

------

**FORM** 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 19, 2023

------

M&T BANK CORPORATION

**(Exact name of registrant as specified in its charter)**

------

New York

**(State or other jurisdiction of incorporation)**

---

| | |
|:---|:---|
| 1-9861 | 16-0968385 |
| **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |
| One M&T Plaza**,** Buffalo**,** New York | 14203 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code:** (716) 635-4000

**(NOT APPLICABLE)**

**(Former name or former address, if changed since last report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbols</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, $.50 par value | MTB | New York Stock Exchange |
| Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H | MTBPrH | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On January 19, 2023, M&T Bank Corporation announced its results of operations for the quarter and year ended December 31, 2022. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information under Item 2.02 in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T Bank Corporation under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Exhibit Description** |
| 99.1 | [<u>News Release dated January 19, 2023.</u>](mtb-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **M&T BANK CORPORATION** | **M&T BANK CORPORATION** |
| Date: January 19, 2023 | By: | /s/ Darren J. King |
|  |  | Darren J. King |
|  |  | Senior Executive Vice President <br>and Chief Financial Officer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

FOR IMMEDIATE RELEASE: <br> January 19, 2023

**M&T BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL-YEAR RESULTS** 

BUFFALO, NEW YORK -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the full year and quarter ended December 31, 2022.

<u>GAAP Results of Operations</u>. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $4.29 in the fourth quarter of 2022, up from $3.37 in the year-earlier quarter and $3.53 in the third quarter of 2022. GAAP-basis net income was $765 million in the recent quarter, $458 million in the fourth quarter of 2021 and $647 million in the third 2022 quarter. GAAP-basis net income expressed as an annualized rate of return on average assets was 1.53% in the fourth quarter of 2022, improved from 1.15% in the corresponding 2021 period and 1.28% in the third quarter of 2022. That net income produced a return on average common shareholders' equity of 12.59% in the recent quarter, 10.91% in the similar 2021 period and 10.43% in the third quarter of 2022. The results reflect non-operating merger-related expenses associated with the acquisition of People's United Financial, Inc. ("People's United") of $45 million ($33 million after-tax effect, or $.20 of diluted earnings per common share) in the recent quarter, compared with $21 million ($16 million after-tax effect, or $.12 of diluted earnings per common share) in the year-earlier quarter and $53 million ($39 million after-tax effect, or $.22 of diluted earnings per share) in the third quarter of 2022.

The recent quarter's results reflect two noteworthy items. In the fourth quarter of 2022, M&T sold its retail insurance subsidiary, M&T Insurance Agency, Inc. ("MTIA"), to Arthur J. Gallagher & Co. The sale resulted in a gain of $136 million. Also during the fourth quarter of 2022, M&T made a $135 million tax-deductible contribution to The M&T Charitable Foundation.

Darren J. King, Chief Financial Officer, commenting on M&T's results noted, "We are extremely pleased with our results, both in the fourth quarter as well as full year 2022. Diluted net operating earnings per share increased in each quarter following our acquisition of People's United, including by 19% in the fourth quarter. The integration of the acquired franchise, expansion of the net interest margin and solid growth in commercial loan balances position M&T to continue its strong performance into 2023."

------

2-2-2-2-2

M&T BANK CORPORATION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** |
|  |  |  |  | Change 4Q22 vs. | Change 4Q22 vs. |
| ($ in millions, except per share data) | 4Q22 | 4Q21 | 3Q22 | 4Q21 | 3Q22 |
| Net income | $765 | $458 | $647 | 67% | 18% |
| Net income available to common shareholders ̶ diluted | $739 | $434 | $621 | 70% | 19% |
| Diluted earnings per common share | $4.29 | $3.37 | $3.53 | 27% | 22% |
| Annualized return on average assets | 1.53% | 1.15% | 1.28% |  |  |
| Annualized return on average common equity | 12.59% | 10.91% | 10.43% |  |  |

---

For the year ended December 31, 2022, diluted earnings per common share were $11.53, compared with $13.80 in 2021. GAAP-basis net income was $1.99 billion and $1.86 billion in 2022 and 2021, respectively. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in 2022 was 1.05% and 8.67%, respectively, compared with 1.22% and 11.54%, respectively, in 2021. Merger-related expenses in 2022 were $580 million ($432 million after tax-effect, or $2.63 of diluted earnings per common share), compared with $44 million ($34 million after-tax effect, or $.25 of diluted earnings per common share) in the prior year.

<u>Supplemental Reporting of Non-GAAP Results of Operations</u>. M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature. The amounts of such "nonoperating" expenses are presented in the tables that accompany this release.

Merger-related expenses generally consist of professional services, temporary help fees and other costs associated with actual or planned conversions of systems and/or integration of operations and the introduction of M&T to its new customers, costs related to terminations of existing contractual arrangements to purchase various services, severance, travel costs and, in the second quarter of 2022, an initial provision for credit losses of $242 million on loans not deemed to be purchased credit deteriorated ("PCD") on the April 1, 2022 acquisition date of People's United. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and expected credit loss assumptions to forecast estimated cash flows. GAAP also provides that an allowance for credit losses on loans acquired, but not classified as PCD also be recognized. Given the requirement to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that initial provision to be a merger-related expense. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results. The amounts of merger-related expenses in 2022 and 2021 are presented in the tables that accompany this release.

------

3-3-3-3-3

M&T BANK CORPORATION

Diluted net operating earnings per common share were $4.57 in the fourth quarter of 2022, improved from $3.50 in the year-earlier quarter and $3.83 in the third quarter of 2022. Net operating income aggregated $812 million in the recent quarter, $475 million in the fourth quarter of 2021 and $700 million in 2022's third quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the fourth quarter of 2022 was 1.70% and 21.29%, respectively, 1.23% and 15.98%, respectively, in the similar quarter of 2021 and 1.44% and 17.89%, respectively, in the third quarter of 2022.

Diluted net operating earnings per common share for the year ended December 31, 2022 totaled $14.42, compared with $14.11 in 2021. Net operating income in 2022 was $2.47 billion, up from $1.90 billion in 2021. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.35% and 16.70%, respectively, in 2022, compared with 1.28% and 16.80%, respectively, in 2021.

<u>Taxable-equivalent Net Interest Income</u>. Taxable-equivalent net interest income totaled $1.84 billion in the recent quarter, up from $937 million in the fourth quarter of 2021 and $1.69 billion in the third quarter of 2022. The increase compared with the earlier quarters reflects a higher net interest margin and, additionally, when compared with the 2021's fourth quarter, the impact of earning assets associated with the acquisition of People's United. Average earning assets totaled $179.9 billion in the recent quarter, compared with $144.4 billion in the fourth quarter of 2021 and $182.4 billion in the third quarter of 2022. Average loans outstanding were $129.4 billion in the fourth quarter of 2022, up from $93.3 billion in the year earlier quarter and $127.5 billion in the third quarter of 2022. Reflecting the impact of rising interest rates, the net interest margin increased to 4.06% in the fourth quarter of 2022 from 2.58% in the corresponding quarter of 2021 and 3.68% in the third quarter of 2022. Taxable-equivalent net interest income rose to $5.86 billion in 2022, compared with $3.84 billion in 2021. Average loans outstanding were $119.3 billion for the year ended December 31, 2022, compared with $96.6 billion in 2021. Taxable-equivalent net interest income and average loans outstanding in 2022 reflect three quarters of additional earning assets, including loans, obtained in the acquisition of People's United. Reflecting actions taken by the Federal Reserve to increase interest rates in the recent year, the net interest margin increased 63 basis points to 3.39% in 2022 from 2.76% in 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** |
|  |  |  |  | Change 4Q22 vs. | Change 4Q22 vs. |
| ($ in millions) | 4Q22 | 4Q21 | 3Q22 | 4Q21 | 3Q22 |
| Average earning assets | $179914 | $144420 | $182382 | 25% | -1% |
| Net interest income ̶ taxable-equivalent | $1841 | $937 | $1691 | 96% | 9% |
| Net interest margin | 4.06% | 2.58% | 3.68% |  |  |

---

------

4-4-4-4-4

M&T BANK CORPORATION

<u>Provision for Credit Losses/Asset Quality</u>. The provision for credit losses was $90 million in the fourth quarter of 2022 and $115 million in the third quarter of 2022, compared with a $15 million recapture of provision in the fourth quarter of 2021. The provision for credit losses was $517 million for the year ended December 31, 2022, compared with a $75 million recapture of provision in 2021. As previously described, included in the second quarter of 2022 was the $242 million provision, recorded in accordance with GAAP, related to loans obtained in the People's United acquisition that were considered non-PCD. In addition to that merger-related provision, M&T recorded a provision for credit losses of $275 million in 2022. Net loan charge-offs were $40 million in the fourth quarter of 2022, $31 million in the fourth quarter of 2021 and $63 million in 2022's third quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .12% and .13% in the fourth quarters of 2022 and 2021, respectively, and .20% in the third quarter of 2022. Net loan charge-offs during all of 2022 and 2021 aggregated $160 million and $192 million, respectively, representing .13% and .20%, respectively, of average loans outstanding.

Loans classified as nonaccrual totaled $2.44 billion at December 31, 2022, $2.43 billion at September 30, 2022 and $2.06 billion at December 31, 2021. The balance of nonaccrual loans at the end of the two most recent quarters as compared with December 31, 2021 reflects loans obtained in the acquisition of People's United. Nonaccrual loans as a percentage of total loans were 1.85% at December 31, 2022, improved from 2.22% a year earlier and 1.89% at September 30, 2022. Assets taken in foreclosure of defaulted loans were $41 million at December 31, 2022, $24 million at December 31, 2021 and $37 million at September 30, 2022.

<u>Allowance for Credit Losses</u>. M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions for purposes of determining the adequacy of the allowance for credit losses. As a result of those procedures and reflecting the impact of loan growth, the allowance for credit losses totaled $1.93 billion or 1.46% of loans outstanding at December 31, 2022 compared with $1.47 billion or 1.58% of loans outstanding at December 31, 2021 and $1.88 billion or 1.46% at September 30, 2022. The acquisition of People's United loans and leases resulted in a $341 million increase in the allowance for credit losses as of April 1, 2022, including $99 million related to PCD loans and $242 million related to non-PCD loans. Including the impact of the acquisition, M&T's allowance for credit losses was $1.81 billion on April 1, 2022, or 1.42% of then outstanding loans.

------

5-5-5-5-5

M&T BANK CORPORATION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Quality Metrics** | **Asset Quality Metrics** | **Asset Quality Metrics** | **Asset Quality Metrics** | **Asset Quality Metrics** | **Asset Quality Metrics** |
|  |  |  |  | Change 4Q22 vs. | Change 4Q22 vs. |
| ($ in millions) | 4Q22 | 4Q21 | 3Q22 | 4Q21 | 3Q22 |
| <u>At end of quarter</u> |  |  |  |  |  |
| Nonaccrual loans | $2439 | $2060 | $2429 | 18% |  |
| Real estate and other foreclosed assets | $41 | $24 | $37 | 73% | 12% |
| &nbsp;&nbsp;Total nonperforming assets | $2480 | $2084 | $2466 | 19% | 1% |
| Accruing loans past due 90 days or more (1) | $491 | $963 | $477 | -49% | 3% |
| Nonaccrual loans as % of loans outstanding | 1.85% | 2.22% | 1.89% |  |  |
| Allowance for credit losses | $1925 | $1469 | $1876 | 31% | 3% |
| Allowance for credit losses as % of loans outstanding | 1.46% | 1.58% | 1.46% |  |  |
| <u>For the period</u> |  |  |  |  |  |
| Provision for credit losses | $90 | $(15) | $115 |  | -22% |
| Net charge-offs | $40 | $31 | $63 | 31% | -36% |
| Net charge-offs as % of average loans (annualized) | .12% | .13% | .20% |  |  |

---

------

(1)Predominantly government-guaranteed residential real estate loans.

<u>Noninterest Income and Expense</u>. Noninterest income totaled $682 million in the fourth quarter of 2022, compared with $579 million in the year-earlier quarter. The increase reflects the impact of acquired operations from People's United (predominantly increases in trust income, credit-related fees and service charges on deposit accounts, net of conversion-related fee waivers) and higher trust income from legacy operations, as well as the $136 million gain recorded on the sale of MTIA. Those increases were partially offset by a decline in mortgage banking revenues resulting from lower volumes of residential and commercial mortgage loans originated for sale, lower income recorded from M&T's investment in Bayview Lending Group, and a planned reduction of insufficient funds fees reflected in service charges on deposit accounts. Noninterest income was $563 million in 2022's third quarter. The comparative increase in the recent quarter was driven by the $136 million gain recorded on the sale of MTIA and higher trust income, partially offset by lower service charges on deposit accounts, credit-related fees, bank owned life insurance income and MTIA-related insurance revenues.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** |
|  |  |  |  | Change 4Q22 vs. | Change 4Q22 vs. |
| ($ in millions) | 4Q22 | 4Q21 | 3Q22 | 4Q21 | 3Q22 |
| Mortgage banking revenues | $82 | $139 | $83 | -41% | -2% |
| Service charges on deposit accounts | 106 | 105 | 115 |  | -8% |
| Trust income | 195 | 169 | 187 | 15% | 4% |
| Brokerage services income | 22 | 19 | 21 | 19% | 7% |
| Trading account and non-hedging derivative gains | 14 | 6 | 5 | 133% | 176% |
| Gain (loss) on bank investment securities | (4) | 2 | (1) |  |  |
| Other revenues from operations | 267 | 139 | 153 | 92% | 74% |
| &nbsp;&nbsp;Total | $682 | $579 | $563 | 18% | 21% |

---

Noninterest income rose to $2.36 billion in 2022 from $2.17 billion in 2021. Acquired operations associated with the People's United acquisition (predominantly increases reflected in trust income, service charges on deposit accounts and other revenues from operations, including credit-related fees), the $136 million gain on sale of MTIA, and trust income from legacy operations were most impactful to the higher levels of noninterest

------

6-6-6-6-6

M&T BANK CORPORATION

income in 2022. Those increases were partially offset by lower mortgage banking revenues and the planned reduction of fees reflected in service charges on deposit accounts.

In December 2022, Wilmington Trust National Association (a subsidiary of M&T) announced the sale of its Collective Investment Trust business to a private equity firm. That sale is expected to close in the first half of 2023. Trust income associated with this business totaled approximately $165 million and $151 million in 2022 and 2021, respectively. After considering expenses, the results of operations of that business were not material to M&T's net income in either year.

Noninterest expense totaled $1.41 billion in the fourth quarter of 2022, compared with $928 million in the similar quarter of 2021 and $1.28 billion in the third quarter of 2022. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets and merger-related expenses, noninterest operating expenses were $1.35 billion in the recent quarter, $904 million in the fourth quarter of 2021 and $1.21 billion in 2022's third quarter. The higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was predominantly due to the impact of operations obtained in the People's United acquisition and the $135 million contribution to The M&T Charitable Foundation. The charitable contribution was the largest factor contributing to higher operating expenses in 2022's fourth quarter as compared with 2022's third quarter. Higher expenses in the recent quarter as compared with the third quarter of 2022 for equipment and net occupancy, outside data processing and software and a seasonal increase in advertising and promotional spending were offset by a decline in salaries and employee benefits expenses, reflecting lower employee staffing levels following the conversion of People's United's operating systems with those of M&T and one less pay day in the fourth quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** |
|  |  |  |  | Change 4Q22 vs. | Change 4Q22 vs. |
| ($ in millions) | 4Q22 | 4Q21 | 3Q22 | 4Q21 | 3Q22 |
| Salaries and employee benefits | $697 | $515 | $736 | 35% | -5% |
| Equipment and net occupancy | 137 | 83 | 127 | 65% | 8% |
| Outside data processing and software | 108 | 79 | 95 | 37% | 13% |
| FDIC assessments | 24 | 19 | 28 | 27% | -15% |
| Advertising and marketing | 32 | 21 | 21 | 54% | 53% |
| Printing, postage and supplies | 15 | 8 | 15 | 85% | 2% |
| Amortization of core deposit and other intangible assets | 18 | 2 | 18 | 801% | -4% |
| Other costs of operations | 377 | 201 | 239 | 88% | 58% |
| &nbsp;&nbsp;Total | $1408 | $928 | $1279 | 52% | 10% |

---

For the year ended December 31, 2022, noninterest expense was $5.05 billion compared with $3.61 billion in 2021. Noninterest operating expenses aggregated $4.66 billion in 2022 and $3.56 billion in 2021. The higher level of operating expenses in 2022 was predominantly the result of the acquisition of People's United, as well as higher salaries and employee benefits expense reflecting increased staffing levels, merit increases and incentive compensation, and increased contributions to The M&T Charitable Foundation.

------

7-7-7-7-7

M&T BANK CORPORATION

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 53.3% in the fourth quarter of 2022, 59.7% in the year-earlier quarter and 53.6% in the third quarter of 2022. The efficiency ratio for the full-year 2022 was 56.6%, compared with 59.0% in 2021.

<u>Balance Sheet</u>. M&T had total assets of $200.7 billion at December 31, 2022, compared with $155.1 billion and $198.0 billion at December 31, 2021 and September 30, 2022, respectively. Loans and leases, net of unearned discount, were $131.6 billion at December 31, 2022, compared with $92.9 billion at December 31, 2021 and $128.2 billion at September 30, 2022. The higher level of loans and leases at the recent quarter-end and September 30, 2022 as compared with December 31, 2021 is largely a reflection of balances associated with the acquisition of People's United. Also reflective of that acquisition, total deposits were $163.5 billion at the recent quarter-end and $163.8 billion at September 30, 2022, compared with $131.5 billion at December 31, 2021.

Total shareholders' equity was $25.3 billion or 12.61% of total assets at December 31, 2022, $17.9 billion or 11.54% at December 31, 2021 and $25.3 billion or 12.76% at September 30, 2022. Common shareholders' equity was $23.3 billion, or $137.68 per share, at December 31, 2022, compared with $16.2 billion, or $125.51 per share, a year-earlier and $23.2 billion, or $134.45 per share, at September 30, 2022. Tangible equity per common share was $86.59 at December 31, 2022, $89.80 at December 31, 2021 and $84.28 at September 30, 2022. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 10.4% at December 31, 2022, compared with 10.7% three months earlier and 11.4% at December 31, 2021.

In accordance with its capital plan, M&T repurchased 3,664,887 shares of its common stock during the recent quarter at an average cost per share of $163.72 resulting in a total cost of $600 million compared with 3,282,449 shares at an average cost per share of $182.79 and total cost of $600 million in the previous three months. M&T repurchased a total of 10,453,282 shares at an average cost per share of $172.19 and total cost of $1.8 billion in 2022. No share repurchases occurred in 2021. Common shares issued in conjunction with the acquisition of People's United on April 1, 2022 totaled 50,325,004.

<u>Conference Call</u>. Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 225-9448. International participants, using any applicable international calling codes, may dial (203) 518-9708. Callers should reference M&T Bank Corporation or the conference ID #MTBQ422. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Thursday January 26, 2023 by calling (800) 283-8486, or (402) 220-0869 for international

------

8-8-8-8-8

M&T BANK CORPORATION

participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

<u>About M&T.</u> M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

M&T was recognized as one of the Best Places to Work for Disability Inclusion for the fourth consecutive year by the American Association of People with Disabilities ("AADP") and Disability:IN, a nonprofit resource for businesspeople with disabilities. M&T earned the top score in the 2022 Disability Equality Index ("DEI"), a benchmarking report developed by the AAPD and Disability:IN to help businesses identify steps they can take to achieve disability inclusion and equality in their workplaces.

M&T Bank launched a second Multicultural Small Business Innovation Lab in Buffalo, New York following its success in Bridgeport, Connecticut and Harrisburg, Pennsylvania earlier in the year. The seven-week program is designed to help local multicultural business owners thrive, grow and pursue new ideas by providing guidance and skills to expand and operate their businesses. It is part of M&T Bank's mission to build a culturally fluent bank that understands the needs of the communities it serves and provide the resources to address those needs. Similar programs will be launched in New York City and Baltimore, Maryland in the first half of 2023.

<u>Forward-Looking Statements</u>. This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to the Company and/or the financial industry as a whole, as well as national and global events generally, including economic conditions, on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Statements regarding M&T's expectations or predictions regarding the acquisition of People's United are also forward-looking statements, including statements regarding the expected financial results, prospects, targets, goals and outlook.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions ("future factors") which are

------

9-9-9-9-9

M&T BANK CORPORATION

difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Examples of future factors include: the impact of the People's United acquisition; economic conditions including inflation and market volatility; the impact of international conflicts or other events; the impact of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation and/or regulations affecting the financial services industry or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; containing costs and expenses; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the future factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other future factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2021, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date made, and M&T does not assume any duty and does not undertake to update forward-looking statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;INVESTOR CONTACT: | Brian Klock |
|  | (716) 842-5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEDIA CONTACT: | Maya Dillon |
|  | (646) 735-1958 |

---

------

10-10-10-10-10

M&T BANK CORPORATION

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended |  | Year ended | Year ended |  |
|  | December 31 | December 31 |  | December 31 | December 31 |  |
| Amounts in thousands, except per share | 2022 | 2021 | Change | 2022 | 2021 | Change |
| **<u>Performance</u>** |  |  |  |  |  |  |
| Net income | $765371 | 457968 | 67% | $1991663 | 1858746 | 7% |
| Net income available to common shareholders | 739126 | 434171 | 70% | 1891480 | 1776987 | 6% |
| Per common share: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | $4.32 | 3.37 | 28% | $11.59 | 13.81 | -16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 4.29 | 3.37 | 27% | 11.53 | 13.80 | -16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | $1.20 | 1.20 |  | $4.80 | 4.50 | 7% |
| Common shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average - diluted (1) | 172149 | 128888 | 34% | 164030 | 128812 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Period end (2) | 169285 | 128705 | 32% | 169285 | 128705 | 32% |
| Return on (annualized): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1.53% | 1.15% |  | 1.05% | 1.22% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shareholders' equity | 12.59% | 10.91% |  | 8.67% | 11.54% |  |
| Taxable-equivalent net interest income | $1840759 | 937356 | 96% | $5861128 | 3839509 | 53% |
| Yield on average earning assets | 4.60% | 2.64% |  | 3.64% | 2.84% |  |
| Cost of interest-bearing liabilities | .98% | .12% |  | .45% | .14% |  |
| Net interest spread | 3.62% | 2.52% |  | 3.19% | 2.70% |  |
| Contribution of interest-free funds | .44% | .06% |  | .20% | .06% |  |
| Net interest margin | 4.06% | 2.58% |  | 3.39% | 2.76% |  |
| Net charge-offs to average total net loans (annualized) | .12% | .13% |  | .13% | .20% |  |
| **<u>Net operating results (3)</u>** |  |  |  |  |  |  |
| Net operating income | $812359 | 475477 | 71% | $2466010 | 1899838 | 30% |
| Diluted net operating earnings per common share | 4.57 | 3.50 | 31% | 14.42 | 14.11 | 2% |
| Return on (annualized): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | 1.70% | 1.23% |  | 1.35% | 1.28% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | 21.29% | 15.98% |  | 16.70% | 16.80% |  |
| Efficiency ratio | 53.3% | 59.7% |  | 56.6% | 59.0% |  |
|  | At December 31 | At December 31 |  |  |  |  |
| **<u>Loan quality</u>** | 2022 | 2021 | Change |  |  |  |
| Nonaccrual loans | $2438435 | 2060083 | 18% |  |  |  |
| Real estate and other foreclosed assets | 41375 | 23901 | 73% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $2479810 | 2083984 | 19% |  |  |  |
| Accruing loans past due 90 days or more (4) | $491018 | 963399 | -49% |  |  |  |
| Government guaranteed loans included in totals above: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | $43536 | 51429 | -15% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 363409 | 927788 | -61% |  |  |  |
| Renegotiated loans | $422186 | 230408 | 83% |  |  |  |
| Nonaccrual loans to total net loans | 1.85% | 2.22% |  |  |  |  |
| Allowance for credit losses to total loans | 1.46% | 1.58% |  |  |  |  |

---

------

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Predominantly residential real estate loans.

------

11-11-11-11-11

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
| Amounts in thousands, except per share | 2022 | 2022 | 2022 | 2022 | 2021 |
| **<u>Performance</u>** |  |  |  |  |  |
| Net income | $765371 | 646596 | 217522 | 362174 | 457968 |
| Net income available to common shareholders | 739126 | 620554 | 192236 | 339590 | 434171 |
| Per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | $4.32 | 3.55 | 1.08 | 2.63 | 3.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 4.29 | 3.53 | 1.08 | 2.62 | 3.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | $1.20 | 1.20 | 1.20 | 1.20 | 1.20 |
| Common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average - diluted (1) | 172149 | 175682 | 178277 | 129416 | 128888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Period end (2) | 169285 | 172900 | 175969 | 129080 | 128705 |
| Return on (annualized): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1.53% | 1.28% | .42% | .97% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shareholders' equity | 12.59% | 10.43% | 3.21% | 8.55% | 10.91% |
| Taxable-equivalent net interest income | $1840759 | 1690518 | 1422443 | 907408 | 937356 |
| Yield on average earning assets | 4.60% | 3.90% | 3.12% | 2.72% | 2.64% |
| Cost of interest-bearing liabilities | .98% | .41% | .20% | .13% | .12% |
| Net interest spread | 3.62% | 3.49% | 2.92% | 2.59% | 2.52% |
| Contribution of interest-free funds | .44% | .19% | .09% | .06% | .06% |
| Net interest margin | 4.06% | 3.68% | 3.01% | 2.65% | 2.58% |
| Net charge-offs to average total net loans (annualized) | .12% | .20% | .16% | .03% | .13% |
| **<u>Net operating results (3)</u>** |  |  |  |  |  |
| Net operating income | $812359 | 700030 | 577622 | 375999 | 475477 |
| Diluted net operating earnings per common share | 4.57 | 3.83 | 3.10 | 2.73 | 3.50 |
| Return on (annualized): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | 1.70% | 1.44% | 1.16% | 1.04% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | 21.29% | 17.89% | 14.41% | 12.44% | 15.98% |
| Efficiency ratio | 53.3% | 53.6% | 58.3% | 64.9% | 59.7% |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
| **<u>Loan quality</u>** | 2022 | 2022 | 2022 | 2022 | 2021 |
| Nonaccrual loans | $2438435 | 2429326 | 2633005 | 2134231 | 2060083 |
| Real estate and other foreclosed assets | 41375 | 37031 | 28692 | 23524 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $2479810 | 2466357 | 2661697 | 2157755 | 2083984 |
| Accruing loans past due 90 days or more (4) | $491018 | 476503 | 523662 | 776751 | 963399 |
| Government guaranteed loans included in totals above: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | $43536 | 44797 | 46937 | 46151 | 51429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 363409 | 423371 | 467834 | 689831 | 927788 |
| Renegotiated loans | $422186 | 356797 | 276584 | 242108 | 230408 |
| Nonaccrual loans to total net loans | 1.85% | 1.89% | 2.05% | 2.32% | 2.22% |
| Allowance for credit losses to total loans | 1.46% | 1.46% | 1.42% | 1.60% | 1.58% |

---

------

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 18.

(4) Predominantly residential real estate loans.

------

12-12-12-12-12

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended |  | Year ended | Year ended |  |
|  | December 31 | December 31 |  | December 31 | December 31 |  |
| Dollars in thousands | 2022 | 2021 | Change | 2022 | 2021 | Change |
| Interest income | $2072209 | 958518 | 116% | $6247120 | 3938784 | 59% |
| Interest expense | 244835 | 24725 | 890 | 425164 | 114006 | 273 |
| Net interest income | 1827374 | 933793 | 96 | 5821956 | 3824778 | 52 |
| Provision for credit losses | 90000 | (15000) |  | 517000 | (75000) |  |
| Net interest income after provision for credit losses | 1737374 | 948793 | 83 | 5304956 | 3899778 | 36 |
| Other income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 81521 | 139267 | -41 | 356636 | 571329 | -38 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 105714 | 105392 |  | 446604 | 402113 | 11 |
| &nbsp;&nbsp;&nbsp;Trust income | 194843 | 168827 | 15 | 740717 | 644716 | 15 |
| &nbsp;&nbsp;&nbsp;Brokerage services income | 22463 | 18923 | 19 | 87877 | 62791 | 40 |
| &nbsp;&nbsp;&nbsp;Trading account and non-hedging <br>&nbsp;&nbsp;&nbsp;&nbsp; derivative gains | 14043 | 6027 | 133 | 26786 | 24376 | 10 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on bank investment securities | (3773) | 1426 |  | (5686) | (21220) |  |
| &nbsp;&nbsp;&nbsp;Other revenues from operations | 266726 | 138775 | 92 | 703669 | 482889 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 681537 | 578637 | 18 | 2356603 | 2166994 | 9 |
| Other expense |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 697276 | 515043 | 35 | 2787351 | 2045677 | 36 |
| &nbsp;&nbsp;&nbsp;Equipment and net occupancy | 136732 | 82641 | 65 | 474316 | 326698 | 45 |
| &nbsp;&nbsp;&nbsp;Outside data processing and software | 107886 | 78814 | 37 | 376493 | 291839 | 29 |
| &nbsp;&nbsp;&nbsp;FDIC assessments | 24008 | 18830 | 27 | 90274 | 69704 | 30 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing | 32691 | 21228 | 54 | 90748 | 64428 | 41 |
| &nbsp;&nbsp;&nbsp;Printing, postage and supplies | 15082 | 8140 | 85 | 55570 | 36507 | 52 |
| &nbsp;&nbsp;&nbsp;Amortization of core deposit and other <br>&nbsp;&nbsp;&nbsp;&nbsp; intangible assets | 17600 | 1954 | 801 | 55624 | 10167 | 447 |
| &nbsp;&nbsp;&nbsp;Other costs of operations | 377013 | 200850 | 88 | 1120060 | 766603 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 1408288 | 927500 | 52 | 5050436 | 3611623 | 40 |
| Income before income taxes | 1010623 | 599930 | 68 | 2611123 | 2455149 | 6 |
| Applicable income taxes | 245252 | 141962 | 73 | 619460 | 596403 | 4 |
| Net income | $765371 | 457968 | 67% | $1991663 | 1858746 | 7% |

---

------

13-13-13-13-13

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
| Dollars in thousands | 2022 | 2022 | 2022 | 2022 | 2021 |
| Interest income | $2072209 | 1781513 | 1465142 | 928256 | 958518 |
| Interest expense | 244835 | 102822 | 53425 | 24082 | 24725 |
| Net interest income | 1827374 | 1678691 | 1411717 | 904174 | 933793 |
| Provision for credit losses | 90000 | 115000 | 302000 | 10000 | (15000) |
| Net interest income after provision for credit losses | 1737374 | 1563691 | 1109717 | 894174 | 948793 |
| Other income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 81521 | 83041 | 82926 | 109148 | 139267 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 105714 | 115213 | 124170 | 101507 | 105392 |
| &nbsp;&nbsp;&nbsp;Trust income | 194843 | 186577 | 190084 | 169213 | 168827 |
| &nbsp;&nbsp;&nbsp;Brokerage services income | 22463 | 21086 | 24138 | 20190 | 18923 |
| &nbsp;&nbsp;&nbsp;Trading account and non-hedging <br>&nbsp;&nbsp;&nbsp;&nbsp; derivative gains | 14043 | 5081 | 2293 | 5369 | 6027 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on bank investment securities | (3773) | (1108) | (62) | (743) | 1426 |
| &nbsp;&nbsp;&nbsp;Other revenues from operations | 266726 | 153189 | 147551 | 136203 | 138775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 681537 | 563079 | 571100 | 540887 | 578637 |
| Other expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 697276 | 736354 | 776201 | 577520 | 515043 |
| &nbsp;&nbsp;&nbsp;Equipment and net occupancy | 136732 | 127117 | 124655 | 85812 | 82641 |
| &nbsp;&nbsp;&nbsp;Outside data processing and software | 107886 | 95068 | 93820 | 79719 | 78814 |
| &nbsp;&nbsp;&nbsp;FDIC assessments | 24008 | 28105 | 22585 | 15576 | 18830 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing | 32691 | 21398 | 20635 | 16024 | 21228 |
| &nbsp;&nbsp;&nbsp;Printing, postage and supplies | 15082 | 14768 | 15570 | 10150 | 8140 |
| &nbsp;&nbsp;&nbsp;Amortization of core deposit and other <br>&nbsp;&nbsp;&nbsp;&nbsp; intangible assets | 17600 | 18384 | 18384 | 1256 | 1954 |
| &nbsp;&nbsp;&nbsp;Other costs of operations | 377013 | 238059 | 331304 | 173684 | 200850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 1408288 | 1279253 | 1403154 | 959741 | 927500 |
| Income before income taxes | 1010623 | 847517 | 277663 | 475320 | 599930 |
| Applicable income taxes | 245252 | 200921 | 60141 | 113146 | 141962 |
| Net income | $765371 | 646596 | 217522 | 362174 | 457968 |

---

------

14-14-14-14-14

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

---

| | | | |
|:---|:---|:---|:---|
|  | December 31 | December 31 |  |
| Dollars in thousands | 2022 | 2021 | Change |
| ASSETS |  |  |  |
| Cash and due from banks | $1517244 | 1337577 | 13% |
| Interest-bearing deposits at banks | 24958719 | 41872304 | -40 |
| Federal funds sold and agreements to resell securities | 3000 |  |  |
| Trading account | 117847 | 49745 | 137 |
| Investment securities | 25210871 | 7155860 | 252 |
| Loans and leases: |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, etc. | 41850566 | 23473324 | 78 |
| &nbsp;&nbsp;&nbsp;Real estate - commercial | 45364571 | 35389730 | 28 |
| &nbsp;&nbsp;&nbsp;Real estate - consumer | 23755947 | 16074445 | 48 |
| &nbsp;&nbsp;&nbsp;Consumer | 20593079 | 17974953 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases, net of unearned discount | 131564163 | 92912452 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for credit losses | 1925331 | 1469226 | 31 |
| &nbsp;&nbsp;&nbsp;Net loans and leases | 129638832 | 91443226 | 42 |
| Goodwill | 8490089 | 4593112 | 85 |
| Core deposit and other intangible assets | 209374 | 3998 |  |
| Other assets | 10583865 | 8651338 | 22 |
| &nbsp;&nbsp;&nbsp;Total assets | $200729841 | 155107160 | 29% |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
| Noninterest-bearing deposits | $65501860 | 60131480 | 9% |
| Interest-bearing deposits | 98013008 | 71411929 | 37 |
| &nbsp;&nbsp;&nbsp;Total deposits | 163514868 | 131543409 | 24 |
| Short-term borrowings | 3554951 | 47046 |  |
| Accrued interest and other liabilities | 4377495 | 2127931 | 106 |
| Long-term borrowings | 3964537 | 3485369 | 14 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 175411851 | 137203755 | 28 |
| Shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred | 2010600 | 1750000 | 15 |
| &nbsp;&nbsp;&nbsp;Common | 23307390 | 16153405 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 25317990 | 17903405 | 41 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $200729841 | 155107160 | 29% |

---

------

15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
| Dollars in thousands | 2022 | 2022 | 2022 | 2022 | 2021 |
| ASSETS |  |  |  |  |  |
| Cash and due from banks | $1517244 | 2255810 | 1688274 | 1411460 | 1337577 |
| Interest-bearing deposits at banks | 24958719 | 25391528 | 33437454 | 36025382 | 41872304 |
| Federal funds sold and agreements to resell <br>&nbsp;&nbsp;&nbsp;&nbsp; securities | 3000 |  | 250250 |  |  |
| Trading account | 117847 | 129672 | 133855 | 46854 | 49745 |
| Investment securities | 25210871 | 24603765 | 22801717 | 9356832 | 7155860 |
| Loans and leases: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, etc. | 41850566 | 38807949 | 39108676 | 23496017 | 23473324 |
| &nbsp;&nbsp;&nbsp;Real estate - commercial | 45364571 | 46138665 | 46795139 | 34553558 | 35389730 |
| &nbsp;&nbsp;&nbsp;Real estate - consumer | 23755947 | 23074280 | 22767107 | 15595879 | 16074445 |
| &nbsp;&nbsp;&nbsp;Consumer | 20593079 | 20204693 | 19815198 | 18162938 | 17974953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases, net of unearned discount | 131564163 | 128225587 | 128486120 | 91808392 | 92912452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for credit losses | 1925331 | 1875591 | 1823790 | 1472359 | 1469226 |
| &nbsp;&nbsp;&nbsp;Net loans and leases | 129638832 | 126349996 | 126662330 | 90336033 | 91443226 |
| Goodwill | 8490089 | 8501357 | 8501357 | 4593112 | 4593112 |
| Core deposit and other intangible assets | 209374 | 226974 | 245358 | 2742 | 3998 |
| Other assets | 10583865 | 10496377 | 10312294 | 8091137 | 8651338 |
| &nbsp;&nbsp;&nbsp;Total assets | $200729841 | 197955479 | 204032889 | 149863552 | 155107160 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Noninterest-bearing deposits | $65501860 | 73023271 | 72375515 | 58520366 | 60131480 |
| Interest-bearing deposits | 98013008 | 90822117 | 97982881 | 67798347 | 71411929 |
| &nbsp;&nbsp;&nbsp;Total deposits | 163514868 | 163845388 | 170358396 | 126318713 | 131543409 |
| Short-term borrowings | 3554951 | 917806 | 1119321 | 50307 | 47046 |
| Accrued interest and other liabilities | 4377495 | 4476456 | 3743278 | 2174925 | 2127931 |
| Long-term borrowings | 3964537 | 3459336 | 3017363 | 3443587 | 3485369 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 175411851 | 172698986 | 178238358 | 131987532 | 137203755 |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred | 2010600 | 2010600 | 2010600 | 1750000 | 1750000 |
| &nbsp;&nbsp;&nbsp;Common | 23307390 | 23245893 | 23783931 | 16126020 | 16153405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 25317990 | 25256493 | 25794531 | 17876020 | 17903405 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $200729841 | 197955479 | 204032889 | 149863552 | 155107160 |

---

------

16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Change in balance | Change in balance | Year ended | Year ended | Year ended | Year ended |  |
|  | December 31, | December 31, | December 31, | December 31, | September 30, | September 30, | December 31, 2022 from | December 31, 2022 from | December 31, | December 31, | December 31, | December 31, | Change |
| Dollars in millions | 2022 | 2022 | 2021 | 2021 | 2022 | 2022 | December 31, | September 30, | 2022 | 2022 | 2021 | 2021 | in |
|  | Balance | Rate | Balance | Rate | Balance | Rate | 2021 | 2022 | Balance | Rate | Balance | Rate | balance |
| ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits at banks | $25089 | 3.75% | 44316 | .15% | 30752 | 2.23% | -43% | -18% | $33435 | 1.52% | 35829 | .13% | -7% |
| Federal funds sold and agreements to resell <br>&nbsp;&nbsp;&nbsp;&nbsp; securities |  | 4.32 |  | .47 | 29 | .55 |  | -99 | 70 | .43 | 167 | .12 | -58 |
| Trading account | 122 | 2.13 | 50 | 1.62 | 131 | 1.78 | 144 | -7 | 109 | 1.49 | 50 | 1.89 | 119 |
| Investment securities | 25297 | 2.77 | 6804 | 2.12 | 23945 | 2.62 | 272 | 6 | 19897 | 2.59 | 6409 | 2.20 | 210 |
| Loans and leases, net of unearned discount |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial, etc. | 40038 | 5.76 | 22330 | 3.65 | 38321 | 4.87 | 79 | 4 | 34926 | 4.68 | 25191 | 3.58 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial | 45690 | 5.06 | 36717 | 3.89 | 46282 | 4.49 | 24 | -1 | 43576 | 4.35 | 37321 | 3.96 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - consumer | 23334 | 3.92 | 16290 | 3.53 | 22962 | 3.84 | 43 | 2 | 21257 | 3.75 | 16770 | 3.55 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 20344 | 5.28 | 17913 | 4.31 | 19960 | 4.76 | 14 | 2 | 19538 | 4.65 | 17331 | 4.43 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases, net | 129406 | 5.12 | 93250 | 3.87 | 127525 | 4.55 | 39 | 1 | 119297 | 4.41 | 96613 | 3.90 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 179914 | 4.60 | 144420 | 2.64 | 182382 | 3.90 | 25 | -1 | 172808 | 3.64 | 139068 | 2.84 | 24 |
| Goodwill | 8494 |  | 4593 |  | 8501 |  | 85 |  | 7537 |  | 4593 |  | 64 |
| Core deposit and other intangible assets | 218 |  | 5 |  | 236 |  |  | -8 | 179 |  | 8 |  |  |
| Other assets | 9966 |  | 8704 |  | 10012 |  | 14 |  | 9728 |  | 9000 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $198592 |  | 157722 |  | 201131 |  | 26% | -1% | $190252 |  | 152669 |  | 25% |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings and interest-checking deposits | $87068 | .76 | 70518 | .04 | 89360 | .31 | 23% | -3% | $84753 | .32 | 70879 | .05 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 6182 | 1.29 | 2914 | .40 | 5050 | .09 | 112 | 22 | 4850 | .49 | 3263 | .57 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits at Cayman Islands office |  |  |  |  |  |  |  |  |  |  | 181 | .11 | -100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 93250 | .80 | 73432 | .05 | 94410 | .29 | 27 | -1 | 89603 | .33 | 74323 | .07 | 21 |
| Short-term borrowings | 1632 | 3.24 | 58 | .01 | 913 | 1.16 |  | 79 | 936 | 2.08 | 68 | .01 |  |
| Long-term borrowings | 3753 | 4.65 | 3441 | 1.77 | 3281 | 3.67 | 9 | 14 | 3440 | 3.23 | 3537 | 1.76 | -3 |
| Total interest-bearing liabilities | 98635 | .98 | 76931 | .12 | 98604 | .41 | 28 |  | 93979 | .45 | 77928 | .14 | 21 |
| Noninterest-bearing deposits | 70218 |  | 61012 |  | 72861 |  | 15 | -4 | 68888 |  | 55666 |  | 24 |
| Other liabilities | 4393 |  | 2166 |  | 4001 |  | 103 | 10 | 3575 |  | 2166 |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 173246 |  | 140109 |  | 175466 |  | 24 | -1 | 166442 |  | 135760 |  | 23 |
| Shareholders' equity | 25346 |  | 17613 |  | 25665 |  | 44 | -1 | 23810 |  | 16909 |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $198592 |  | 157722 |  | 201131 |  | 26% | -1% | $190252 |  | 152669 |  | 25% |
| Net interest spread |  | 3.62 |  | 2.52 |  | 3.49 |  |  |  | 3.19 |  | 2.70 |  |
| Contribution of interest-free funds |  | .44 |  | .06 |  | .19 |  |  |  | .20 |  | .06 |  |
| Net interest margin |  | 4.06% |  | 2.58% |  | 3.68% |  |  |  | 3.39% |  | 2.76% |  |

---

------

17-17-17-17-17

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Year ended | Year ended |
|  | December 31 | December 31 | December 31 | December 31 |
|  | 2022 | 2021 | 2022 | 2021 |
| <u>Income statement data</u> |  |  |  |  |
| In thousands, except per share |  |  |  |  |
| **Net income** |  |  |  |  |
| Net income | $765371 | 457968 | 1991663 | 1858746 |
| Amortization of core deposit and other intangible assets (1) | 13559 | 1447 | 42771 | 7532 |
| Merger-related expenses (1) | 33429 | 16062 | 431576 | 33560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating income | $812359 | 475477 | 2466010 | 1899838 |
| **Earnings per common share** |  |  |  |  |
| Diluted earnings per common share | $4.29 | 3.37 | 11.53 | 13.80 |
| Amortization of core deposit and other intangible assets (1) | .08 | .01 | .26 | .06 |
| Merger-related expenses (1) | .20 | .12 | 2.63 | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net operating earnings per common share | $4.57 | 3.50 | 14.42 | 14.11 |
| **Other expense** |  |  |  |  |
| Other expense | $1408288 | 927500 | 5050436 | 3611623 |
| Amortization of core deposit and other intangible assets | (17600) | (1954) | (55624) | (10167) |
| Merger-related expenses | (45113) | (21190) | (338321) | (43860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest operating expense | $1345575 | 904356 | 4656491 | 3557596 |
| **Merger-related expenses** |  |  |  |  |
| Salaries and employee benefits | $3670 | 112 | 102150 | 176 |
| Equipment and net occupancy | 2294 | 340 | 6709 | 341 |
| Outside data processing and software | 2193 | 250 | 5438 | 1119 |
| Advertising and marketing | 5258 | 337 | 9262 | 866 |
| Printing, postage and supplies | 2953 | 186 | 6786 | 2965 |
| Other costs of operations | 28745 | 19965 | 207976 | 38393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 45113 | 21190 | 338321 | 43860 |
| Provision for credit losses |  |  | 242000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $45113 | 21190 | 580321 | 43860 |
| **Efficiency ratio** |  |  |  |  |
| Noninterest operating expense (numerator) | $1345575 | 904356 | 4656491 | 3557596 |
| Taxable-equivalent net interest income | $1840759 | 937356 | 5861128 | 3839509 |
| Other income | 681537 | 578637 | 2356603 | 2166994 |
| Less: Gain (loss) on bank investment securities | (3773) | 1426 | (5686) | (21220) |
| Denominator | $2526069 | 1514567 | 8223417 | 6027723 |
| Efficiency ratio | 53.3% | 59.7% | 56.6% | 59.0% |
| <u>Balance sheet data</u> |  |  |  |  |
| In millions |  |  |  |  |
| **Average assets** |  |  |  |  |
| Average assets | $198592 | 157722 | 190252 | 152669 |
| Goodwill | (8494) | (4593) | (7537) | (4593) |
| Core deposit and other intangible assets | (218) | (5) | (179) | (8) |
| Deferred taxes | 54 | 1 | 43 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | $189934 | 153125 | 182579 | 148070 |
| **Average common equity** |  |  |  |  |
| Average total equity | $25346 | 17613 | 23810 | 16909 |
| Preferred stock | (2011) | (1750) | (1946) | (1438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common equity | 23335 | 15863 | 21864 | 15471 |
| Goodwill | (8494) | (4593) | (7537) | (4593) |
| Core deposit and other intangible assets | (218) | (5) | (179) | (8) |
| Deferred taxes | 54 | 1 | 43 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | $14677 | 11266 | 14191 | 10872 |
| At end of quarter |  |  |  |  |
| **Total assets** |  |  |  |  |
| Total assets | $200730 | 155107 |  |  |
| Goodwill | (8490) | (4593) |  |  |
| Core deposit and other intangible assets | (209) | (4) |  |  |
| Deferred taxes | 51 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible assets | $192082 | 150511 |  |  |
| **Total common equity** |  |  |  |  |
| Total equity | $25318 | 17903 |  |  |
| Preferred stock | (2011) | (1750) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity | 23307 | 16153 |  |  |
| Goodwill | (8490) | (4593) |  |  |
| Core deposit and other intangible assets | (209) | (4) |  |  |
| Deferred taxes | 51 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible common equity | $14659 | 11557 |  |  |

---

------

(1) After any related tax effect.

------

18-18-18-18-18

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | December 31, | September 30, | June 30, | March 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| <u>Income statement data</u> |  |  |  |  |  |
| In thousands, except per share |  |  |  |  |  |
| **Net income** |  |  |  |  |  |
| Net income | $765371 | 646596 | 217522 | 362174 | 457968 |
| Amortization of core deposit and other intangible assets (1) | 13559 | 14141 | 14138 | 933 | 1447 |
| Merger-related expenses (1) | 33429 | 39293 | 345962 | 12892 | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating income | $812359 | 700030 | 577622 | 375999 | 475477 |
| **Earnings per common share** |  |  |  |  |  |
| Diluted earnings per common share | $4.29 | 3.53 | 1.08 | 2.62 | 3.37 |
| Amortization of core deposit and other intangible assets (1) | .08 | .08 | .08 | .01 | .01 |
| Merger-related expenses (1) | .20 | .22 | 1.94 | .10 | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net operating earnings per common share | $4.57 | 3.83 | 3.10 | 2.73 | 3.50 |
| **Other expense** |  |  |  |  |  |
| Other expense | $1408288 | 1279253 | 1403154 | 959741 | 927500 |
| Amortization of core deposit and other intangible assets | (17600) | (18384) | (18384) | (1256) | (1954) |
| Merger-related expenses | (45113) | (53027) | (222809) | (17372) | (21190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest operating expense | $1345575 | 1207842 | 1161961 | 941113 | 904356 |
| **Merger-related expenses** |  |  |  |  |  |
| Salaries and employee benefits | $3670 | 13094 | 85299 | 87 | 112 |
| Equipment and net occupancy | 2294 | 2106 | 502 | 1807 | 340 |
| Outside data processing and software | 2193 | 2277 | 716 | 252 | 250 |
| Advertising and marketing | 5258 | 2177 | 1199 | 628 | 337 |
| Printing, postage and supplies | 2953 | 651 | 2460 | 722 | 186 |
| Other costs of operations | 28745 | 32722 | 132633 | 13876 | 19965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 45113 | 53027 | 222809 | 17372 | 21190 |
| Provision for credit losses |  |  | 242000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $45113 | 53027 | 464809 | 17372 | 21190 |
| **Efficiency ratio** |  |  |  |  |  |
| Noninterest operating expense (numerator) | $1345575 | 1207842 | 1161961 | 941113 | 904356 |
| Taxable-equivalent net interest income | $1840759 | 1690518 | 1422443 | 907408 | 937356 |
| Other income | 681537 | 563079 | 571100 | 540887 | 578637 |
| Less: Gain (loss) on bank investment securities | (3773) | (1108) | (62) | (743) | 1426 |
| Denominator | $2526069 | 2254705 | 1993605 | 1449038 | 1514567 |
| Efficiency ratio | 53.3% | 53.6% | 58.3% | 64.9% | 59.7% |
| <u>Balance sheet data</u> |  |  |  |  |  |
| In millions |  |  |  |  |  |
| **Average assets** |  |  |  |  |  |
| Average assets | $198592 | 201131 | 208865 | 151648 | 157722 |
| Goodwill | (8494) | (8501) | (8501) | (4593) | (4593) |
| Core deposit and other intangible assets | (218) | (236) | (254) | (3) | (5) |
| Deferred taxes | 54 | 56 | 60 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | $189934 | 192450 | 200170 | 147053 | 153125 |
| **Average common equity** |  |  |  |  |  |
| Average total equity | $25346 | 25665 | 26090 | 17894 | 17613 |
| Preferred stock | (2011) | (2011) | (2011) | (1750) | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common equity | 23335 | 23654 | 24079 | 16144 | 15863 |
| Goodwill | (8494) | (8501) | (8501) | (4593) | (4593) |
| Core deposit and other intangible assets | (218) | (236) | (254) | (3) | (5) |
| Deferred taxes | 54 | 56 | 60 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | $14677 | 14973 | 15384 | 11549 | 11266 |
| At end of quarter |  |  |  |  |  |
| **Total assets** |  |  |  |  |  |
| Total assets | $200730 | 197955 | 204033 | 149864 | 155107 |
| Goodwill | (8490) | (8501) | (8501) | (4593) | (4593) |
| Core deposit and other intangible assets | (209) | (227) | (245) | (3) | (4) |
| Deferred taxes | 51 | 54 | 57 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible assets | $192082 | 189281 | 195344 | 145269 | 150511 |
| **Total common equity** |  |  |  |  |  |
| Total equity | $25318 | 25256 | 25795 | 17876 | 17903 |
| Preferred stock | (2011) | (2011) | (2011) | (1750) | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common equity | 23307 | 23245 | 23784 | 16126 | 16153 |
| Goodwill | (8490) | (8501) | (8501) | (4593) | (4593) |
| Core deposit and other intangible assets | (209) | (227) | (245) | (3) | (4) |
| Deferred taxes | 51 | 54 | 57 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible common equity | $14659 | 14571 | 15095 | 11531 | 11557 |

---

------

(1) After any related tax effect.

------