M&T BANK CORP

For the period ended Dec 31, 2024. Filed Feb 19, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 19, 2025

MTB$217.75-0.9%Stored close · as of Nov 6, 2026

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Contents

Parent company financial statements

Parent company financial statements

Condensed Balance Sheet

	December 31,
(Dollars in millions)	2024	2023
Assets
Due from consolidated bank subsidiaries:
Cash and due from banks	$234	$176
Money-market savings	3,409	3,223
Notes receivable	2,000	—
Other	1	5
Total due from consolidated bank subsidiaries	5,644	3,404
Investments in consolidated subsidiaries:
Banks	28,171	26,290
Other	389	391
Investments in trust preferred entities (note 18)	17	22
Other assets	105	100
Total assets	$34,326	$30,207
Liabilities
Due to consolidated bank subsidiaries	$14	$16
Accrued expenses and other liabilities	142	136
Long-term borrowings	5,143	3,098
Total liabilities	5,299	3,250
Shareholders’ equity	29,027	26,957
Total liabilities and shareholders’ equity	$34,326	$30,207

Condensed Statement of Income

	Year Ended December 31,
(Dollars in millions, except per share)	2024	2023	2022
Income
Dividends from consolidated subsidiaries	$1,306	$2,041	$2,508
Interest income	77	6	1
Income from BLG	48	20	30
Other	4	—	(8)
Total income	1,435	2,067	2,531
Expense
Interest expense	274	182	63
Other	62	40	50
Total expense	336	222	113
Income before income taxes and equity in undistributed income of subsidiaries	1,099	1,845	2,418
Income tax credits	51	49	22
Income before equity in undistributed income of subsidiaries	1,150	1,894	2,440
Equity in undistributed income of subsidiaries
Net income of subsidiaries	2,744	2,888	2,060
Less: dividends received	1,306	2,041	2,508
Equity in undistributed income of subsidiaries	1,438	847	(448)
Net income	$2,588	$2,741	$1,992
Net income per common share:
Basic	$14.71	$15.85	$11.59
Diluted	14.64	15.79	11.53

Condensed Statement of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2024	2023	2022
Cash flows from operating activities
Net income	$2,588	$2,741	$1,992
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(1,438)	(847)	448
Provision for deferred income taxes	(8)	(5)	7
Net change in accrued income and expense	(5)	32	8
Net cash provided by operating activities	1,137	1,921	2,455
Cash flows from investing activities
Net investment in consolidated subsidiaries	(30)	(1)	54
Advances to consolidated subsidiaries	(2,000)	—	—
Acquisition, net of cash consideration	—	—	538
Other, net	(64)	(41)	24
Net cash provided (used) by investing activities	(2,094)	(42)	616
Cash flows from financing activities
Repayment of short-term borrowings assumed in acquisition	—	—	(500)
Proceeds from long-term borrowings	2,341	1,998	499
Payments on long-term borrowings	(205)	(750)	—
Proceeds from issuance of Series J preferred stock	733	—	—
Redemption of Series E preferred stock	(350)	—	—
Purchases of treasury stock	(396)	(594)	(1,800)
Dividends paid — common	(895)	(868)	(784)
Dividends paid — preferred	(138)	(100)	(97)
Other, net	111	14	2
Net cash provided (used) by financing activities	1,201	(300)	(2,680)
Net increase in cash and cash equivalents	244	1,579	391
Cash and cash equivalents at beginning of year	3,399	1,820	1,429
Cash and cash equivalents at end of year	$3,643	$3,399	$1,820
Supplemental disclosure of cash flow information
Interest received during the year	$76	$6	$1
Interest paid during the year	257	135	49
Income taxes received during the year	51	43	28

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.