M&T BANK CORP
For the period ended Sep 30, 2025. Filed Oct 27, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 27, 2025
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15. Segment information
- Segment information
Reportable segments have been determined based upon the Company’s organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management.
The financial information of the Company's segments was compiled utilizing the accounting policies described in note 21 of Notes to Financial Statements in M&T's 2024 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data.
Information about the Company's reportable segments follows:
| Three Months Ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Commercial Bank | Retail Bank | Institutional Services and Wealth Management | All Other | Total (c) | ||||||
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net interest income (a) | $539 | $551 | $999 | $1,087 | $163 | $185 | $60 | $(97) | $1,761 | $1,726 |
| Noninterest income | 209 | 172 | 249 | 205 | 244 | 204 | 50 | 25 | 752 | 606 |
| Total revenue | 748 | 723 | 1,248 | 1,292 | 407 | 389 | 110 | (72) | 2,513 | 2,332 |
| Provision for credit losses | 72 | 39 | 70 | 74 | — | 3 | (17) | 4 | 125 | 120 |
| Salaries and employee benefits | 160 | 152 | 204 | 196 | 112 | 103 | 357 | 324 | 833 | 775 |
| Depreciation and amortization | 11 | 10 | 59 | 61 | 2 | 1 | 50 | 50 | 122 | 122 |
| Other direct expenses | 68 | 69 | 116 | 105 | 25 | 24 | 199 | 208 | 408 | 406 |
| Indirect expense (b) | 127 | 127 | 297 | 255 | 78 | 74 | (502) | (456) | — | — |
| Income (loss) before taxes | 310 | 326 | 502 | 601 | 190 | 184 | 23 | (202) | 1,025 | 909 |
| Income tax expense (benefit) | 82 | 87 | 126 | 155 | 48 | 47 | (23) | (101) | 233 | 188 |
| Net income (loss) | $228 | $239 | $376 | $446 | $142 | $137 | $46 | $(101) | $792 | $721 |
| Average total assets | $78,227 | $80,434 | $57,653 | $53,128 | $4,355 | $3,898 | $70,818 | $72,121 | $211,053 | $209,581 |
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- Segment information, continued
| Nine Months Ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Commercial Bank | Retail Bank | Institutional Services and Wealth Management | All Other | Total (c) | ||||||
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net interest income (a) | $1,599 | $1,652 | $2,959 | $3,248 | $500 | $565 | $111 | $(341) | $5,169 | $5,124 |
| Noninterest income | 587 | 487 | 691 | 606 | 678 | 602 | 90 | 75 | 2,046 | 1,770 |
| Total revenue | 2,186 | 2,139 | 3,650 | 3,854 | 1,178 | 1,167 | 201 | (266) | 7,215 | 6,894 |
| Provision for credit losses | 168 | 193 | 220 | 202 | 5 | 6 | (13) | 69 | 380 | 470 |
| Salaries and employee benefits | 461 | 452 | 601 | 577 | 325 | 306 | 1,146 | 1,037 | 2,533 | 2,372 |
| Depreciation and amortization | 32 | 29 | 181 | 189 | 6 | 6 | 157 | 155 | 376 | 379 |
| Other direct expenses | 208 | 203 | 310 | 298 | 77 | 75 | 610 | 669 | 1,205 | 1,245 |
| Indirect expense (b) | 379 | 378 | 868 | 751 | 241 | 223 | (1,488) | (1,352) | — | — |
| Income (loss) before taxes | 938 | 884 | 1,470 | 1,837 | 524 | 551 | (211) | (844) | 2,721 | 2,428 |
| Income tax expense (benefit) | 248 | 239 | 372 | 473 | 133 | 142 | (124) | (333) | 629 | 521 |
| Net income (loss) | $690 | $645 | $1,098 | $1,364 | $391 | $409 | $(87) | $(511) | $2,092 | $1,907 |
| Average total assets | $78,691 | $80,903 | $56,022 | $52,771 | $4,244 | $3,735 | $70,932 | $73,599 | $209,889 | $211,008 |
(a)Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company's internal funds transfer and pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated to $12 million and $13 million for the three-month periods ended September 30, 2025 and 2024, respectively, and $33 million and $38 million for the nine-month periods ended September 30, 2025 and 2024, respectively, and is eliminated in "All Other" total revenues.
(b)Indirect expense represents centrally-allocated costs associated with data processing, risk management and other support services provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments.
(c)Intersegment revenues and expenses were not material for the three-month and nine-month periods ended September 30, 2025 and 2024.
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