M&T BANK CORP

The components of other income are presented in the accompanying table.

OTHER INCOME

Mortgage banking revenues

Mortgage banking revenues are comprised of both residential and commercial mortgage banking activities, which consist of realized gains and losses from sales of real estate loans and loan servicing rights, unrealized gains and losses on real estate loans held for sale and related commitments, real estate loan servicing fees, and other real estate loan related fees and income. The Company's involvement in commercial mortgage banking activities includes the origination, sales and servicing of loans under the multifamily loan programs of Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development.

RESIDENTIAL MORTGAGE BANKING ACTIVITIES

(a)The contractual servicing rights associated with residential mortgage loans sub-serviced by the Company were predominantly held by affiliates of BLG. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

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The higher balances of residential mortgage loans sub-serviced for others at June 30, 2025 and March 31, 2025 as compared with December 31, 2024 and June 30, 2024, and the corresponding increase in related revenues in the three-month and six-month periods ended June 30, 2025 as compared with the three-month period ending March 31, 2025 and the six-month period ending June 30, 2024, reflect an arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial.

COMMERCIAL MORTGAGE BANKING ACTIVITIES

(a)Includes $4.3 billion at each of June 30, 2025 and March 31, 2025 and $4.2 billion and $4.0 billion at December 31, 2024 and June 30, 2024, respectively, of loan balances for which investors had recourse to the Company if such balances are ultimately uncollectible.

The increase in gains on commercial mortgage loans originated for sale in the first two quarters of 2025 as compared with the similar 2024 period reflects an increase in volume of new commitments to originate commercial real estate loans for sale.

Service charges on deposit accounts

Service charges on deposit accounts for the first six months of 2025 increased $19 million as compared with the first six months of 2024 reflecting higher commercial service charges that resulted from pricing changes and increased customer usage of sweep products.

Trust income

Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth.

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TRUST INCOME AND ASSETS UNDER MANAGEMENT

As compared with the first quarter of 2025, trust income increased $5 million reflecting seasonal tax service fees recognized by the Wealth Management business in the recent quarter.

For the six months ended June 30, 2025 trust income totaled $359 million as compared with $330 million in the similar 2024 period.

•Institutional Services trust income rose $22 million reflecting higher sales and fund management fees from its global capital markets business.

•Wealth Management trust income increased $7 million reflecting comparatively favorable market performance associated with managed assets.

Other revenues from operations

The components of other revenues from operations are presented in the accompanying table.

OTHER REVENUES FROM OPERATIONS

(a)Tax-exempt income earned from bank owned life insurance includes increases in the cash surrender value of life insurance policies and benefits received. The Company owns both general account and separate account life insurance policies. To the extent market conditions change such that the market value of assets in a separate account bank owned life insurance policy becomes less than the previously recorded cash surrender value, an adjustment is recorded as a reduction to other revenues from operations.

(b)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions when declared by BLG that result in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to BLG’s owners, including M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

Other revenues from operations increased $49 million in the second quarter of 2025 as compared with the first quarter of 2025 reflecting gains on the sales of an out-of-footprint residential builder and developer loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million, a rise in merchant discount and credit card fees and higher loan syndication fees.

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Higher other revenues from operations in the first half of 2025 as compared with the first six months of 2024 reflected the gains on the sales of an out-of-footprint residential builder and developer loan portfolio and a subsidiary that specialized in institutional services and higher loan syndication fees, partially offset by a distribution from M&T's investment in BLG in the first half of 2024.