Group 1 - M&T Bank Corporation will participate in the Morgan Stanley US Financials, Payments & CRE Conference in New York City on June 12, 2024, at 9:30 a.m. (ET) [1] - A webcast of the presentation will be available, which may contain material and forward-looking information [2] - M&T Bank Corporation is headquartered in Buffalo, New York, and provides banking products and services across 12 states from Maine to Virginia and Washington, D.C. [3]

Investor Contact: Brian Klock (716) 842-5138 BUFFALO, N.Y., May 21, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) announced that it has declared a quarterly cash dividend of $1.35 per share on its common stock. This represents an increase of $.05 per share, or 4 percent, from the previous $1.30 per share dividend paid in the first quarter of 2024. The dividend will be payable June 28, 2024, to shareholders of record at the close of business on June 3, 2024. About M&T M&T is a financial holdi ...

M&T Bank Corporation (MTB) is expanding its utilization of the nCino platform and integrating the latter's continuous credit monitoring solution into its operations. MTB has been a long-standing customer of nCino. The company is now ramping up its use of nCino's Continuous Credit Monitoring Solution, powered by nIQ, which uses Rich Data Co's AI decisioning platform. This solution specializes in streamlining potential warnings and customer reviews and helps uncover new and lower-risk lending opportunities. A ...

"Partnering with nCino and M&T Bank to bring this innovative solution to life has been a rewarding experience," said Julian Bloomfield, Chief Revenue Officer at RDC. "Our AI-driven platform forecasts future serviceability, enables deeper, more meaningful banker-customer interactions and greatly improves credit outcomes. This collaboration showcases the potential of joint efforts in enhancing efficiency and innovation in the banking industry, ensuring superior service delivery to customers." Through this col ...

Part I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents M&T Bank Corporation's unaudited consolidated financial statements as of March 31, 2024 [Consolidated Balance Sheet](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEET) As of March 31, 2024, total assets increased to $215.1 billion, with corresponding growth in liabilities and equity Consolidated Balance Sheet Highlights (Unaudited) | (In millions) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Total loans and leases, net | $132,782 | $131,939 | | Total investment securities | $28,496 | $26,897 | | **Total assets** | **$215,137** | **$208,264** | | **Liabilities & Equity** | | | | Total deposits | $167,196 | $163,274 | | Total borrowings | $16,245 | $13,517 | | **Total liabilities** | **$187,968** | **$181,307** | | **Total shareholders' equity** | **$27,169** | **$26,957** | [Consolidated Statement of Income](index=5&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20INCOME) Q1 2024 net income was $531 million, down from $702 million in Q1 2023, due to lower net interest income Q1 2024 vs. Q1 2023 Income Statement (Unaudited) | (In millions, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net interest income | $1,680 | $1,818 | | Provision for credit losses | $200 | $120 | | Total other income | $580 | $587 | | Total other expense | $1,396 | $1,359 | | Income before taxes | $664 | $926 | | **Net income** | **$531** | **$702** | | **Diluted EPS** | **$3.02** | **$4.01** | [Notes to Financial Statements](index=9&type=section&id=NOTES%20TO%20FINANCIAL%20STATEMENTS) Detailed disclosures supporting financial statements, covering investment securities, loan portfolio, and borrowing activities - In Q2 2023, the Company sold its Collective Investment Trust (CIT) business, resulting in a pre-tax gain of **$225 million**. Prior to the sale, the CIT business contributed **$45 million** to trust income in Q1 2023[24](index=24&type=chunk) - The Company recorded an additional FDIC special assessment expense of **$29 million** in Q1 2024, related to bank failures in 2023. This is in addition to the **$197 million** recorded in Q4 2023, bringing the total accrued liability to **$226 million** at March 31, 2024[118](index=118&type=chunk) - The Company holds a 20% minority interest in Bayview Lending Group, LLC (BLG) and recognized income of **$25 million** from cash distributions in Q1 2024, compared to **$20 million** in Q1 2023[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=46&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses Q1 2024 financial condition and results, highlighting interest rate impact and credit losses [Overview](index=46&type=section&id=Overview) Q1 2024 net income was $531 million, up sequentially but down YoY, impacted by interest rates and FDIC assessment Q1 2024 Financial Highlights | (In millions, except per share) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $1,680 | $1,722 | $1,818 | | Provision for credit losses | $200 | $225 | $120 | | Net Income | $531 | $482 | $702 | | Diluted EPS | $3.02 | $2.74 | $4.01 | | Net Interest Margin | 3.52% | 3.61% | 4.04% | - The effective tax rate was **20.0%** in Q1 2024, compared to **24.2%** in Q1 2023, reflecting a net discrete benefit from the resolution of a tax matter inherited from the People's United acquisition[131](index=131&type=chunk) [Net Interest Income](index=48&type=section&id=Net%20Interest%20Income) Net interest income decreased to $1.69 billion in Q1 2024, with NIM compressing to 3.52% due to elevated interest rates - The net interest margin was **3.52%** in Q1 2024, a decrease of **9 basis points** from Q4 2023 (**3.61%**) and **52 basis points** from Q1 2023 (**4.04%**)[142](index=142&type=chunk) - The yield on earning assets in Q1 2024 was **5.74%**, while the rate paid on interest-bearing liabilities was **3.26%**, resulting in a net interest spread of **2.48%**. This compares to a spread of **3.30%** in Q1 2023[162](index=162&type=chunk) - Interest rate swaps had a negative impact of **$100 million** on net interest income in Q1 2024, compared to a negative impact of **$69 million** in Q1 2023[167](index=167&type=chunk) [Asset Quality and Allowance for Credit Losses](index=60&type=section&id=Asset%20Quality%20and%20Allowance%20for%20Credit%20Losses) Asset quality showed stress with a $200 million provision for credit losses in Q1 2024, and increased net charge-offs - The provision for credit losses was **$200 million** in Q1 2024, compared to **$120 million** in Q1 2023, reflecting declines in commercial real estate values and deterioration in performance of certain commercial and consumer loans[169](index=169&type=chunk) Net Charge-offs (NCOs) | (In millions) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Total NCOs | $138 | $148 | $70 | | NCOs as % of avg. loans | 0.42% | 0.44% | 0.22% | - Nonaccrual loans increased to **$2.30 billion** at March 31, 2024, from **$2.17 billion** at December 31, 2023, largely due to an increase in commercial and industrial nonaccruals[175](index=175&type=chunk) - Criticized investor-owned commercial real estate loans were **$8.5 billion (26% of such loans)** at March 31, 2024, compared to **$8.8 billion (27%)** at December 31, 2023[182](index=182&type=chunk) - The allowance for credit losses was **$2.2 billion, or 1.62% of total loans**, at March 31, 2024, up from **1.59%** at December 31, 2023[201](index=201&type=chunk) [Other Income](index=72&type=section&id=Other%20Income) Total other income was $580 million in Q1 2024, slightly down due to CIT business sale, offset by mortgage banking revenues Other Income Components | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Mortgage banking revenues | $104 | $85 | | Service charges on deposit accounts | $124 | $113 | | Trust income | $160 | $194 | | Other revenues from operations | $152 | $159 | | **Total other income** | **$580** | **$587** | - The decrease in trust income was driven by the divestiture of the CIT business, which had contributed **$45 million** in Q1 2023[216](index=216&type=chunk) - Residential mortgage banking revenues increased to **$78 million** from **$55 million** year-over-year, mainly due to higher loan servicing fees from a bulk purchase of servicing rights in March 2023[206](index=206&type=chunk)[207](index=207&type=chunk) [Other Expense](index=74&type=section&id=Other%20Expense) Total other expense increased to $1.40 billion in Q1 2024, driven by higher FDIC assessments and salaries Other Expense Components | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Salaries and employee benefits | $833 | $808 | | FDIC assessments | $60 | $30 | | Professional and other services | $85 | $125 | | Outside data processing and software | $120 | $106 | | **Total other expense** | **$1,396** | **$1,359** | - Salaries and employee benefits included **$99 million** of seasonally higher costs in both Q1 2024 and Q1 2023[218](index=218&type=chunk) - FDIC assessments in Q1 2024 included a **$29 million** estimated incremental special assessment related to 2023 bank failures[219](index=219&type=chunk) [Liquidity and Capital](index=76&type=section&id=Liquidity%20and%20Capital) The company maintained strong liquidity with $81.5 billion in available sources and all regulatory capital ratios well above minimums Available Liquidity Sources (March 31, 2024) | (In millions) | Amount | | :--- | :--- | | Deposits at the FRB of New York | $32,033 | | Unused secured borrowing facilities (FRB & FHLB) | $32,993 | | Unencumbered investment securities (after haircuts) | $16,506 | | **Total** | **$81,532** | Regulatory Capital Ratios (March 31, 2024) | Ratio | M&T (Consolidated) | | :--- | :--- | | CET1 | 11.08% | | Tier 1 capital | 12.38% | | Total capital | 14.04% | | Tier 1 leverage | 9.47% | - There were no common stock repurchases in Q1 2024. In Q1 2023, the company repurchased **3.8 million shares** for **$600 million**[250](index=250&type=chunk) [Segment Information](index=86&type=section&id=Segment%20Information) Retail Bank was the largest contributor to Q1 2024 net income at $446 million, followed by Commercial Bank and Institutional Services Net Income by Segment (Q1 2024 vs Q1 2023) | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Commercial Bank | $201 | $333 | | Retail Bank | $446 | $452 | | Institutional Services & Wealth Management | $128 | $110 | | All Other | ($244) | ($193) | | **Total Net Income** | **$531** | **$702** | - Commercial Bank net income fell **40%** YoY, driven by lower net interest income and a higher provision for credit losses[261](index=261&type=chunk) - Retail Bank net income was stable YoY, as higher noninterest income (from mortgage servicing) offset a higher provision for credit losses[268](index=268&type=chunk) - Institutional Services & Wealth Management net income grew **16%** YoY, despite lower trust income from the CIT sale, due to lower expenses and higher net interest income[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=97&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference discussions on Liquidity Risk, Market Risk, Interest Rate Sensitivity, and Capital from MD&A - Information regarding market risk, including liquidity risk and interest rate sensitivity, is incorporated by reference from the MD&A section of the report[293](index=293&type=chunk) [Controls and Procedures](index=97&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls were effective as of March 31, 2024, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report (March 31, 2024)[294](index=294&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[295](index=295&type=chunk) Part II. OTHER INFORMATION [Legal Proceedings](index=98&type=section&id=Item%201.%20Legal%20Proceedings) The company estimates reasonably possible losses for legal matters to be between $0 and $25 million beyond existing liabilities - The company estimates the range of reasonably possible losses for legal matters, beyond existing recorded liabilities, to be between **$0** and **$25 million** as of March 31, 2024[298](index=298&type=chunk) [Risk Factors](index=98&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the company's 2023 Annual Report on Form 10-K have occurred - No material changes in risk factors have occurred since those disclosed in the 2023 Annual Report[299](index=299&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased 18,415 shares of equity securities in Q1 2024, primarily for tax obligations on employee awards Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Jan 2024 | 210 | $136.94 | | Feb 2024 | 0 | N/A | | Mar 2024 | 18,205 | $140.05 | | **Total** | **18,415** | **$140.01** | - As of March 31, 2024, approximately **$1.2 billion** remained available for repurchase under the publicly announced program authorized in July 2022[300](index=300&type=chunk)[301](index=301&type=chunk) [Exhibits](index=99&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including a retirement agreement and Sarbanes-Oxley certifications - Exhibits filed include a retirement agreement for Doris Meister, Sarbanes-Oxley certifications (Sections 302 and 906) from the CEO and CFO, and XBRL data files[305](index=305&type=chunk)

BUFFALO, N.Y., April 30, 2024 /PRNewswire/ -- M&T Bank Corporation (NYSE: MTB) today released its 2023 Sustainability Report, Committed to our Communities. This fourth annual report highlights the progress the company has made toward its sustainability goals including environmental and social finance solutions for customers as well as initiatives that support the bank's business and community relationships. Key highlights from the 2023 Sustainable Report include over $3.1 billion in financing aligned to pos ...

BUFFALO, N.Y., April 29, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) will participate in the Barclays Americas Select Franchise Conference being held in London. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on May 8, 2024, at 4:00 a.m. ET (9:00 a.m. BST). A link to the webcast will be available at https://ir.mtb.com/events-presentations. The webcast may contain material information as well as forward-looking information, and cautionary statements r ...

NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) -- Sunstone Credit, Inc., a commercial solar loan platform that helps businesses switch to clean energy, today announced a program with M&T Bank (NYSE:MTB) to give more businesses access to easy, affordable solar financing. Despite the advantages and incentives for businesses to go solar, most companies lack access to loan financing for solar installations, forcing them to pay cash or forgo switching to clean energy altogether. By collaborating with M&T Bank, a top ...

BUFFALO, N.Y., April 24, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) will participate in the RBC Capital Markets US Banks Fixed Income Investor Symposium. Representatives of M&T will meet with investors in New York City on April 30, Chicago on May 1 and virtually on May 2. About M&TM&T Bank Corporation 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. fr ...

Financial Data and Key Metrics Changes - The first quarter saw a solid PPNR of $891 million, with diluted GAAP earnings per share at $3.02, and adjusted diluted earnings per share at $3.15 excluding the FDIC special assessment [2][12] - The CET1 ratio increased to 11.07% at the end of the first quarter, and tangible book value per share grew 1% to $99.54 [2][19] - Noninterest income was $580 million, slightly up from the linked quarter, but excluding a distribution from Bayview Lending Group, it declined [11] Business Line Data and Key Metrics Changes - Average loans and leases increased 1% to $133.8 billion, driven by growth in C&I and consumer loans, while declines were noted in CRE and residential mortgages [5][12] - Loan yields decreased 1% to 6.32%, but increased 2 basis points sequentially when excluding cash flow hedges [6] - Noninterest expenses were $1.4 billion, with adjusted noninterest expense increasing by 0.6% compared to the previous year [12] Market Data and Key Metrics Changes - Average investment securities increased by $1.1 billion to $28.6 billion, reflecting a shift of cash balances into investment securities [4][7] - Average total deposits declined by $648 million to $164.1 billion, with average customer deposits increasing sequentially [8][10] - The cost of interest-bearing deposits increased by 3 basis points to 2.93%, the smallest quarterly increase since early 2022 [10] Company Strategy and Development Direction - The company is focused on controlling expenses and maintaining strong liquidity, with a strategy to grow customer deposits [12][22] - The management emphasized the importance of organic growth and building new customer relationships, with share repurchases on hold until reassessment after the second quarter [22][23] - The outlook for net interest income (NII) is positive, with expectations of $6.8 billion, reflecting a neutral stance on interest rates [20][30] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the economic outlook, noting a strong labor market despite challenges [20] - There is an expectation for minimal impact on the CRE portfolio even with potential rate increases, as most loans are fixed-rate [64] - The management highlighted a conservative approach to capital management and liquidity, aiming to navigate economic uncertainties effectively [22][70] Other Important Information - The company is actively managing criticized loans, with a focus on working with clients to mitigate risks [52][96] - The management noted a reduction in criticized CRE balances, indicating improved performance in most property types [98][100] - The company is undergoing a review of its construction portfolio, with limited incremental downgrades expected [18] Q&A Session Summary Question: Can you unpack the NII guidance in a higher for longer rate environment? - Management indicated comfort with achieving $6.8 billion in NII regardless of rate cuts, citing strong deposit performance and loan growth [30] Question: What is the rationale for increasing liquidity levels? - Management stated that increased liquidity is a conservative measure in response to industry uncertainties, aiming to maintain strong capital [34] Question: How do criticized loan levels compare to past peaks? - Management acknowledged higher criticized levels but emphasized a conservative approach to credit management, aiming to support clients through stress [39][52] Question: What is the outlook for commercial real estate? - Management noted stabilization in the CRE portfolio, with ongoing monitoring and support for clients in troubled sectors [46][96] Question: How does the company plan to address S&P's negative outlook? - Management expressed confidence in managing CRE exposure and criticized loans, believing that strategies in place will mitigate risks [95][96]